Financial Experts Predict 400% Surge for Shiba Inu: SHIB Price Forecast
Shiba Inu has risen by 1.5% in the past hour, with the SHIB price hitting $0.00001747 as the cryptocurrency market sees a 0.5% loss in the past 24 hours.
SHIB is also down by 1% in the past day, and while it has lost 7% in the past week, it holds onto 6.5% gain in a fortnight and a 120% increase in a year.
This medium- and long-term performance puts Shiba Inu in a good position to make further gains in the coming weeks, particularly as today sees the launch of nine Ethereum ETFs.
And with a panel of experts recently predicting that the SHIB price could rise by 400% over the long term, the meme coin may have a strong end to the year.
SHIB’s chart suggests that the meme token is about to begin recovering from an oversold position, with the coin still well down from where it was a week ago.
Yet its relative strength index (purple) has bounced from 30 to nearly 50 this morning, indicative of a resurgence in momentum and buying pressure.
On the other hand, SHIB’s 30-day average (orange) fell below the 200-day average (blue) as recently as last night, so we may see the alt drop a little further before it makes a more sustained recovery.
Two things, however, argue against further falls in the near term, with the first being SHIB’s trading volume remains healthy at just over $350 million.
Secondly, today also marks the launch of nine Ethereum ETFs, which perhaps accounts for why Shiba Inu – an Ethereum-based token – has rallied in the past hour.
ETH ETFs have arrived.
Today, the SEC approved 9 spot ETH ETF applications. Their much celebrated arrival marks another important milestone for crypto in expanding access to and diversifying our cryptoeconomy.
Here’s why
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