A market analyst forecasts that Shiba Inu’s price will reach $0.0000417 in 2024, according to Austin Hilton. Following Shiba Inu’s impressive turnaround in 2023, driven by Shibarium, this projection comes as no surprise.
Shiba Inu, known for its meme coin origins, has experienced a notable turnaround in 2023, largely attributed to the launch of Shibarium. The Blockchain Futurists Conference in Toronto introduced Shibarium, a layer 2 scaling solution on Ethereum, transforming Shiba Inu into a multifaceted platform supporting NFTs, gaming, and metaverse applications.
Market analyst Austin Hilton presents a bullish forecast for Shiba Inu, predicting a price of $0.0000417 by January 2024.
However, Hilton acknowledges that this estimate could be surpassed, especially if a spot BTC ETF gains approval in the US by January 10, potentially bringing a significant influx of institutional and retail capital into the crypto market.
Technical Analysis and Market Sentiment:
Meanwhile, the key technical indicators and market sentiment suggest potential positive momentum for Shiba Inu. However, the next resistance level to watch is $0.00001500, with a breakthrough paving the way for a substantial increase to $0.150.
Shiba Inu maintains a strong position above the 20-day EMA on the daily chart, with neutral resistance at the 55 level. Perhaps the RSI breaking above 70 and the positive MACD indicator signal optimism among traders.
Meme Kombat Enters the Scene
The narrative extends beyond Shiba Inu with the emergence of Meme Kombat (MK), a new player gaining attention. Analysts and enthusiasts foresee MK mirroring Shiba Inu’s growth trajectory, showcasing the evolving diversity and enthusiasm within the meme coin sector.
As Shiba Inu navigates the evolving crypto landscape, the forecasted surge, coupled with the dynamics of Shibarium and the potential influence of a BTC ETF, sets the stage for an intriguing and potentially transformative year ahead.
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