Shiba Inu price has gone parabolic in the past few weeks, helped by internal and macro factors. The SHIB token surged to a high of $0.000028, its highest level since May 19, as analysts predicted more gains ahead.
Analysts are bullish on Shiba Inu price
Crypto analysts believe that the price of Shiba Inu has more upside going forward. In an X post, an analyst known as InvestingHaven noted that the coin was preparing for more gains in the coming weeks. He cited the fact that it was retesting its 50% Fibonacci Retracement level.
More analysts have also expressed their bullish SHIB forecasts as the crypto bull run continues. A popular target among analysts is $0.000045, its highest level this year, which is about 75% above the current level.
Turning to the daily chart, we see that the SHIB price has surged and reached a high of $0.000028, its highest level since May.
It has formed a cup and handle pattern, a popular bullish sign in the market. This pattern is characterized by a rounded bottom and some consolidation or pullback at the top.
Shiba Inu is trading at the 50% Fibonacci Retracement point. Most importantly, the 200-day and 50-day Exponential Moving Averages (EMA) have formed a golden cross. In most periods, this pattern often leads to more gains.
The last time that Shiba Inu formed a golden cross was in December, and the token soared to the year-to-date high of $0.000045.
Shiba Inu is also nearing the first support of Andrew’s Pitchfork tool. Therefore, we believe that the SHIB token price will continue rising, with the next point to watch being at $0.000045. A drop below $0.000021 will invalidate the bullish view.
SHIB chart by TradingView
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SHIB has positive catalysts
Data shows that Shiba Inu has more bullish catalysts. For one, its volume rose to over $7.5 billion, according to data compiled by CoinGecko. This made it the second most traded meme coin after Dogecoin, whose volume stood at over $14.3 billion.
Shiba Inu’s futures open interest surged to the highest level since May 30th, a figure that was higher than September’s low of $23 million. Open interest is an important figure in the crypto industry because it shows the volume of trades in the futures market.
Additionally, more Shiba Inu tokens are being burned. Data shows that the burn rate jumped by over 66% to over 66 million on Monday. Shiba Inu has already burned over 410 trillion in the past few years.
Meanwhile, the SHIB price will also be influenced by Trump’s election and the ongoing Federal Reserve interest cuts. The Fed slashed rates by 0.25% to between 4.50% and 4.75%, meaning that it has cut by 75 basis points this year.
