Analyst Says Shiba Inu Comeback Will Be Huge as SHIB Surpasses: On September 19, 2024, Shiba Inu (SHIB) made headlines with a significant price surge. The popular meme coin, known for its dog-themed branding, saw its value increase by 9.20% in a single day. This impressive rise caught the attention of many in the crypto community, including a well-known analyst who believes SHIB’s comeback will be monumental.
Crypto Sheriff, a respected voice in the cryptocurrency world, shared his optimistic outlook on Shiba Inu’s future. He pointed to several technical indicators that suggest SHIB is on the verge of a major breakout. According to him, the recent price movements are just the beginning of what could be a substantial upward trend.
The Shiba Inu price, which was trading at $0.00001436, showed a strong bullish momentum. This was supported by a bullish crossover of moving averages. The short-term MA7 ($0.00001367) surpassed the longer-term MA25 ($0.00001191) and MA9 ($0.00001277). This configuration indicated that the recent price movements were gaining strength and upward momentum. The current price was also trading above these key moving averages, reinforcing the bullish sentiment.
Adding to the positive outlook was the substantial 24-hour trading volume of 3.75 trillion SHIB, equivalent to $52.17 million. This high volume, coupled with the price increase, indicated strong buying pressure and confirmed the strength of the ongoing uptrend. Crypto Sheriff’s enthusiastic tweet, exclaiming “Here’s another comeback!” and “LFG!,” reflected a strong conviction in SHIB’s potential for significant gains. This bullish outlook, shared with a large and engaged audience, could influence other traders and investors, contributing to the momentum needed for Shiba Inu to reach new heights.
While the cryptocurrency market is inherently volatile and unpredictable, the current technical indicators, positive market sentiment, and enthusiastic endorsements from prominent analysts suggest that Shiba Inu is poised for a remarkable comeback. The road ahead may not be without its bumps, but for those willing to embrace the inherent risks, the potential rewards could be substantial.
Shiba Inu experienced a significant surge on Thursday. As of 4:47 p.m. ET, SHIB was trading at $0.00001422, with a 24-hour trading volume of $260,802,978 (up 70.41%). Over the past day, Shiba Inu’s price increased by 5.93%. This positive trend continued over the week, with a 6.25% surge in the last seven days and a 3.21% increase in the past month. According to data from CoinMarketCap, the current circulating supply of Shiba Inu remains at 589,269,506,655,882 SHIB.
The recent price surge has also helped Shiba Inu surpass Cardano (ADA) to secure a spot among the top 10 cryptocurrencies by market capitalization. This impressive feat, marked by a double-digit rally with SHIB’s value increasing by 14.54% in the past week, highlights the growing investor enthusiasm and the expanding ecosystem behind the popular meme coin.
Crypto Sheriff believes that the current market conditions are ideal for Shiba Inu to make a strong comeback. He pointed out that the recent price movements are supported by strong technical indicators, which suggest that SHIB is on the verge of a major breakout. He also noted that the high trading volume indicates strong buying pressure, which is a positive sign for the future of Shiba Inu.