- Popular crypto analyst SHIB Knight predicts Shiba Inu (SHIB) could reach $0.0001 this June, marking a 300% rally from current levels.
- This optimism is supported by recent price action and technical analysis, suggesting strong market sentiment and potential for significant growth.
Popular crypto analyst SHIB Knight has predicted that Shiba Inu (SHIB) could touch $0.0001 this June. The meme coin’s recent price action suggests a resilient market sentiment, sparking optimism among analysts who foresee a significant price surge. Shiba Inu recently hit a daily high of $0.00002519, marking a 4.57% increase from its low of $0.00002409, reigniting speculation about its potential to reach unprecedented heights.
SHIB Knight’s Bold Prediction
SHIB Knight, renowned for his accurate predictions, has stated that Shiba Inu could reach $0.0001 this month. This target would represent a substantial 300% rally from current levels, setting a new all-time high for the token, surpassing its previous peak of $0.00008845.
$SHIB to 0.0001 this June!
— $SHIB KNIGHT (@army_shiba) June 3, 2024
Why not? 👀🚀 pic.twitter.com/sLh2TXIVzU
SHIB Knight’s forecast is grounded in his successful track record. On February 22, when SHIB was trading at $0.0000097, he correctly anticipated its rise to $0.000014, a 12-month high. He later projected a target of $0.000022, which SHIB achieved within days. He believes the meme coin is poised to break out of its two-month downtrend and reach the $0.0001 milestone.
A 300% rally might seem ambitious, but Shiba Inu has demonstrated such potential before. Between late February and early March, SHIB soared by an impressive 373% in less than ten days, showcasing its capacity for rapid growth.
Market Conditions and Technical Factors
The optimism surrounding Shiba Inu is not solely based on speculation. Technical analysis plays a crucial role in these predictions. SHIB Knight’s February forecast was founded on the formation of symmetrical triangles on SHIB’s chart, a pattern often associated with bullish breakouts.
Moreover, Shiba Inu’s recent price action suggests a resilient market sentiment. Despite experiencing a pullback after reaching a two-month high five days ago, SHIB has quickly recovered, erasing losses incurred in the past 24 hours. This rapid rebound indicates strong buying interest and support at lower levels.
Shiba Inu has experienced a significant downturn in its price over the past 24 hours. According to CoinMarketCap data, SHIB’s value has dropped by 5.03%, bringing its current trading price to $0.00002382. This decline contrasts sharply with the token’s trading volume, which surged by 33% to $639.8 million in the same period. SHIB decreased by more than 8% during the last week and 6.5% throughout the past month, with a market capitalization of $14.09 billion.
Despite recent setbacks, the convergence of bullish forecasts from analysts like SHIB Knight, Eunice Wong, and Javin Marks suggests that Shiba Inu is on the brink of a significant upward movement. These predictions lend credibility to the notion that SHIB could reach the $0.0001 level in the coming weeks, making it a cryptocurrency to watch closely.
