The recovery has greatly affected the entire crypto space, including Bitcoin, which is trading above $21,000.
The price of Dogecoin has increased massively in the past week, surging over 165% to reach levels traded before the market crash in May 2022. Likewise, the rally has hit the entire crypto space hard, including Bitcoin, which is traded for over $21,000.
Ethereum price is speculated to rise above $1700 in the coming days, offering room for altcoin growth.
Shiba Inu (SHIB) Price Analysis
The Shiba INU (SHIB) price is very close to posting some great price action in the coming days, as the value climbs beyond consolidation. The rally is yet to be validated, as the retest could eventually drag the price back into the pattern, signaling a resumption of a downtrend.
Shiba INU largely tracks DOGE price action, allowing for a price rally above the extended consolidation. However, the bulls are looking to push the price significantly higher and since the buying pressure has increased slightly, there is a chance of a rally. With a jump, SHIB price could initially recover levels above $0.000013, and move towards the $0.000015 target very soon.
Shiba INU (SHIB) price appears to be quite bullish in the short term, as the RSI is trading in the mid-ranges, and attempts to move higher. Meanwhile, the MACD remains neutral, as does the bullish power. Therefore, the uptrend is expected to change anytime from now. However, ADX is quite bullish and hence the rally is expected to regain its strength and climb higher.
Analysts’ Reactions
It is worth recalling that, by the end of October 2022, cryptocurrency analysts had turned bullish on SHIB. Revival Giant, one of the analysts who predicted the latest drop in Bitcoin’s ATH and Earth, predicted that SHIB will rally higher on the reversal of the DOGE/SHIB trading pair. The DOGE/SHIB pair has been strong amid considerable pomp in the biggest meme coin.
Notably, meme cryptocurrencies, such as SHIB, have fallen much faster than Bitcoin and Ethereum, in part dragged down by a series of negative economic news in recent months. Inflation is hitting a 40-year high of 8.2% in the United States, the world’s largest economy, and interest rates are rising.
Despite its volatility, observers remain optimistic that SHIB, created as a satirical online currency, will see significant growth in the next three years.
The Shiba Inu price is forecast to end this year at $0.00001308, rising 30% from the current price of $0.00001009. The meme cryptocurrency should climb to $0.00001403 by the end of 2023, before soaring more than 135% to $0.00002377 by the end of 2025.
By Audy Castaneda
