Well-known cryptocurrency expert and enthusiast Dami Defi offered his observations on Shiba Inu price action, predicting a rise in the value of crypto assets as the Meme coin market sees a fresh wave of demand.
Given the optimism surrounding meme coins lately, Dami Defi is confident that the value of the Shiba Inu breed could enhance by more than 50% soon.
Shiba Inu price may enhance by 20%
Shiba Inu (SHIB) has become one of the leading meme coins, enjoying positive sentiment from several cryptocurrency analysts today. Although Shiba Inu started the week on a negative note, Dami Defi believes that the price of memes could potentially enhance in the tiny term.
Related Reading: Crypto Analyst Predicts 350% Growth for Shiba Inu – That’s the Goal
According to Dami Defi, the digital asset price has formed a bearish wedge pattern on a one-day time horizon. If SHIB breaks this falling wedge pattern, Dami Defi predicts a more than 50% enhance in the Shiba Inu price. This 50% enhance will move the crypto asset from its current price to $0.000035.
Analysts’ predictions coincide with Ali Martinez’s forecast, emphasizing that the price of digital assets is moving in a parallel descending channel.
While Dami Defi predicts a price enhance of over 50% for Shiba Inu, Martinez expects in the tiny term, the value of crypto assets will enhance by more than 20%. Martinez’s projected 20% enhance will move the crypto asset from a price of $0.00002444 to $0.00002954.
Martinez seems bullish on Shiba Inu as he predicted the asset to reach $0.000072323. He highlighted that SHIB appears to be forming a bull flag on the daily chart, indicating an impending move higher. For this reason, the expert opened the trade at around $0.000018343 in hopes of a mighty breakout that would take Shiba Inu to $0.000072323.
Fueled by March’s rally, Martinez’s forecasts indicate that SHIB’s value could rise even further, providing investors in this flourishing and dynamic sector of the cryptocurrency market with a positive outlook for the meme coin.
SHIB is expected to repeat or even outperform the 2021 price trend
Shiba Inu Marketing Manager Lucie delved into Memecoin’s price action. Lucie claims that in October 2021, SHIB, without any burns and significant adoptions at the time, saw an enhance from $0.000007 to $0.000088 in just a few days, an enhance of over 1100%.
Given the massive and widespread burn currently being seen in the SHIB ecosystem, Lucie may suggest that the asset has the potential to repeat this move or even advance further in this bull cycle. If this trend repeats, SHIB price could reach $0.00025 in this bull cycle.
Lucie also highlighted the consistent support from SHIB’s strong and mighty community Shibarium ecosystem from 2021, which may also catalyze the development of the Shiba Inu breed.
At the time of writing SIS was trading at $0.00002366, up over 4% in the past week. Despite the price enhance, the company’s market capitalization decreased by 2.59% over the last day and its trading volume increased by 1.79%. Given the dynamics of the meme coin market, SHIB may see greater gains in the coming months.
Featured image from iStock, chart from Tradingview.com
