Crypto market analyst Captain Faibik maintains a bullish outlook on Shiba Inu (SHIB), projecting a 2x rally by mid-December.
The projection is triggered by Shiba Inu’s resilience, and how it has maintained its luster despite the many headwinds that confront it. The forecast from Captain Faibik has returned optimism to the Shiba Inu ecosystem.
Conditions Attached to Shiba Inu Surge
Captain Faibik’s predictions came with a price chart that shows Shiba Inu has broken out of a trendline around the $0.00000839 price level. With this breakout, the analyst pointed out that SHIB is now undergoing a major retest.
The attached condition to the 2x rally that will push the price of Shiba Inu to about $0.00001678 is if the retest is successful. A proper glimpse at the chart shows how daunting the success of this retest is. From May 2022 to date, Shiba Inu has only breached the $0.000016 price mark just once in a momentary surge in August 2022.
Shiba Inu has not had the best year in relation to its price growth. Relative to other altcoins, SHIB has managed just 4.97% growth year-to-date (YTD). Moreover, when trading against Bitcoin (BTC), SHIB is down 53.26% within this timeframe.
Shiba Inu currently has a more promising outlook with its price trading at $0.000008799, up 3.23% overnight. The token maintains a market capitalization of $5,203,283,158 and its trading volume shows promise as it has soared by 6.34% to $189,971,064.
SHIB’s Bullish Forecasts
With thousands of prominent altcoins in the crypto market, Shiba Inu has a very robust media appeal that has attracted some forecasts from market experts and notable protocols. One of these predictions came from ChatGPT, which predicted that SHIB might touch $0.00001357 by early 2024.
Though the long-term projection for the token is for it to hit a 1-cent price mark, market analytics platform Telegaon believes this will not happen until 2030-2040. The platform maintained a more bullish outlook, noting that the token could soar as high as 2 cents within the same time frame.
The optimistic projections take their basis in the effort of the project developers to enhance the usability of Shibarium, and its layer-2 network as well as bolster the deflationary properties of the project in general.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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