Forbes Predicts 1,700% Shiba Inu Coin Price Rally
The price of Shiba Inu has jumped by 2% in the past 24 hours, moving to $0.00001853 as the crypto market remains flat today.
SHIB ascent comes after business media brand Forbes published a prediction article in which highlighted $0.0003 as the highest target price the meme token could reach in the 2024-25 period.
This would make for a roughly 1,700% gain over its current price, which itself represents a 13% gain over where Shiba Inu was a week ago, although the coin is down by 10% in a month.
But with the wider market beginning to recover a little this week, SHIB could be about to begin a more bullish period.
After rallying hard overnight, SHIB has actually come down this morning, with the coin down by 1.5% in an hour.
Its indicators reflect this drop, revealing a decline in momentum and buying pressure that could last for a day or so before we see an improvement.
For instance, its relative strength index (purple) has dropped from an overbought 80 last night to just under 50, although its angle of fall has softened in the past hour.
Likewise, its 30-day average (orange) had been rising healthily above the 200-day (blue), yet it has recently flattened out, suggesting that a decline may be coming over the next few days.
A couple of positive points, however, is that Shiba Inu’s 24-hour trading volume has risen to $700 million in the past couple of days, with its rise from $200 million showing an increase in interest.
On top of this, the medium- and long-term picture for SHIB apparently looks pretty good, with Forbes turning heads after predicting an upper-range price target of $0.0003 for the meme token.
Forbes Analyst calling 1700% Bull Run for $SHIB, 0.0003 Top back half of 2025…
— Del Crxpto (@DelCrxpto) July 12, 2024
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