Shiba Inu (SHIB) should exceed $0.000023 with 5 consecutive daily candles which will open the door for SHIB to move to its previous ATH either in 2024 or in 2025. Our SHIB price forecast for 2024 is $0.000045 followed by $0.000090 in 2024 or 2025.
Related – Crypto Markets Ready For Alt Season 2024
While meme coins do not have any utility, they certainly have a speculative value.
On days like today, when the entire meme crypto space is on fire, it is clear how speculative can also translate into profitable. At least, for those that are brave enough to exit at a certain point – not too fast, not too slowly.
Shiba (SHIB) breakout happening now
The price of Shiba Inu (SHIB) ended its bear market downtrend.
We can see this, visualized on the SHIB chart, by the move above the falling trendline.
The SHIB chart with our annotations says it all – the bear market ended with today’s SHIB breakout.
Which SHIB targets do we see with this ongoing Shiba (SHIB) breakout?
Source – Tradingview
SHIB breakout confirmation leads to these price targets for 2024
Step 1 of the breakout was completing the long term consolidation.
There is no better SHIB chart that shows the first step of the SHIB breakout than the weekly without annotations.
Clearly, the downtrend ended this week, a new uptrend started this week.
The end of the downtrend is the first step of the breakout in our view.
Step 2 of the SHIB breakout is a move above the 50% retracement level which is $0.000023.
Interestingly, SHIB found resistance right at the level.
That’s why we continue to say – once $0.000023 is cleared, which might take days or weeks, unknown how long exactly, the door is open for SHIB to move to its previous ATH.
Shiba (SHIB) breakout triggers immense trading volume
Today, March 2nd, is the first step of a breakout in SHIB.
As we’ll see on the next charts, the breakout, in our view, is a 2-step process.
The first step of the breakout is almost confirmed now, and it happened on huge trading volume.
Below is an overview of the trading volume, in the last 24 hours, as the first step of the breakout is completing. Trading volume is tremendous. That’s consistent with the alt season breakout and falling BTC Dominance – profits are flowing from BTC into the altcoin space.
SHIB price prediction 2024
We have said it over and over again – alt season 2024 started in February of this year.
We have been forecasting the start of alt season 2024 in a public blog post early January.
The one chart we have consistently used is the altcoin market cap chart excl. BTC and ETH. The breakout level was $505b, it marked the start of alt season was out thesis. It is happening exactly as expected.
This implies that the SHIB breakout has legs. It also implies that we have forecast higher SHIB targets.
SHIB price forecast 2024
With all of the above, what can we confidently say about SHIB and its future price trend?
In other words, what is our SHIB price forecast for 2024?
- The downtrend in the price of SHIB has ended. A new uptrend is here.
- SHIB has a track record of short-lived uptrends. We have to taken into account that SHIB price targets may last a few days, not longer.
- With this in mind, we are pretty sure that the SHIB price chart suggests that SHIB will move to ATH in 2024.
- The pre-requisite for SHIB to move to ATH is clearing $0.000023 and also $0.000045.
- Once above $0.000023, we see $0.000090 as a reasonable target, former ATH. If this materializes, SHIB will have a market cap of $53B. That’s a lot, it’s not sustainable, as it will be as large as Solana which does not make any sense at all (Solana is growing, it has a lot of utility).
- So, consequently, our SHIB price forecast for 2024 is $0.000045 (take profit target), and only do we see SHIB moving to $0.000090 if BTC gets closer to $100k which might happen in 2024 or in 2025.
Don’t forget – take profits – have a game plan ready – when prices are explosive it is counterintuitive to get out.
Note that our favorite meme coin is not SHIB, nor DOGE and also not PEPE. Want to know whch our top favorite meme coin is? Please sign up here, and read it instantly in our restricted research area – Meme Coins Breaking Out. Here Is Our Top Three.
