Shiba Inu (SHIB) could be gaining momentum ahead of a massive rally as TradingView analyst Krao predicts a huge augment of 7350%. He added that in the next few months, SHIB will be worth more than $0.001, which will be a significant jump from its current value.

Shiba Inu price projection by CoinCodex looks a bit different in the near future, despite such a bold prediction. By October 13, 2024, their forecast shows a 5.68% augment, which would augment the price by $0.00001337.

SHIB has been on a multi-month downtrend since hitting an all-time high of $0.00008854 in October 2021. Krao remains hopeful as the meme coin has primarily been held in check by a falling trendline.

Based on his analysis, the key trend line could start breaking out as early as January or February 2025, which could see SHIB reach $0.001, but given the still-dominant bearish sentiment in the market and SHIB closing in a tight range of $0.000005 to $0.00003, the path ahead remains unknown.

There are technical obstacles ahead

While Krao’s longer-term forecast may seem brilliant, technical indicators suggest there are some headwinds in the tiny term. Shiba Inu Price currently sits in a symmetrical triangle on the daily chart. While this setup often precedes a breakout, one way or another, it’s unclear which way SHIB will go.

The token is currently hovering around $0.00001337 and needs to break through the resistance at $0.00001562 to see any upside momentum. If that fails, SHIB could fall towards the support levels of $0.00001154 or even $0.00001028.

Meanwhile, the RSI is near the neutral line on the monthly chart and shows no signs of being overbought or oversold. While this leaves plenty of room for movement, bearish market sentiment could be a different story. Traders may need to keep a close eye out for signs of volatility as the SHIB technical setup is capable of moving both ways in the tiny term.

Shibarium growth sparks optimism

On the glowing side, the Shiba Inu ecosystem is growing. For example, Shibarium, its layer-2 blockchain, is approaching another milestone. According to Shibariumscan, 34 shrewd contracts were deployed as of September 5, just shy of the three-month peak of 36 reached in July.

Shibarium and Shiba Eternity Update

Shibarium has reached a three-month high in terms of the number of contracts signed, indicating high developer activity.

Shiba Eternity Build Update Highlights:

•Tournaments: New leaderboards and prize system.
•Fixed bugs: issues with game crashes, loading screens,… photo: twitter.com/ekQg7gELrk

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 9, 2024

The update was given by Marketing Director Lucie, who highlighted the phenomenal growth of Shibarium and the milestones achieved in Web3 gaming with the Shiba Eternity project.

This expansion is another reflection of the team’s commitment to building more than just a token price. As Shibarium grows, it strengthens this ecosystem, providing a foundation for future blockchain solutions. While it’s difficult to say whether the price will fluctuate, Shiba Inu certainly has some technological support that could lend a hand it in the long run.

Shiba Inu: Bear’s Forecast

As Shibarium is developing well, the short-term outlook for SHIB seems hazy. According to CoinCodex, the price is A slight decrease is expected until October 2024, which corresponds to a Fear and Greed Index score of 32, characterizing fear in the market.

Featured image from Westend61, Chart from TradingView