Shiba Inu (SHIB) Price Forecast: Bullish (Analyst)

Important points:

- It was projected that Shibarium's increasing acceptance and robust on-chain metrics will enable a 180% rise in SHIB.

- However, a decrease in the number of major transactions and a decline in network expansion point to potential negative pressure.

TL;DR

Is a New Rally in the Works for SHIB?

With a price increase of more than 100% over the past three months, the second-largest meme coin has done fairly well. In the midst of the most recent market correction, it had a significant decline shortly after reaching a local top on December 7. There has been a new increase in the last day, and according to CoinGecko's data, SHIB is presently trading at about $0.00002918.

The X user JAVON MARKS is one well-known analyst who has commented on the asset's recent price swings. According to the market watcher, SHIB has validated a bullish pattern that may be followed by "another major upside move." JAVON MARKS restated their prediction that the valuation may increase by about 180% to $0.000081:

"If this target at $0.000081 stays in effect, we might soon see a climb of over 180% take place right before our eyes, and it might even be in effect right now."

The optimistic outlook is supported by a few key on-chain data. The SHIB exchange netflow, which has been primarily negative over the past week, serves as an illustration. This suggests that centralised platforms may give way to individual wallets, which lowers the pressure to sell right now.

Shibarium's advancement is an additional factor. Another significant milestone was recently achieved by the layer-2 scaling solution, which ultimately aims to support the growth of the Shiba Inu ecosystem. The total number of wallet addresses exceeded two million, according to CryptoPotato. Before that, the network handled almost 600 million transactions in total.Additionally, something for the Bears

Notwithstanding the above indicated bullish factors, certain indicators indicate that SHIB's price may shortly turn south. Shiba Inu's Net Network Growth, a momentum indicator "that gives a pulse of the true growth of the token's underlying network," is down 0.76% on a daily basis, moving into the negative zone, according to IntoTheBlock.

In the last day, there has also been a decrease in large transactions, a momentum indicator that shows the quantity of transactions over $100,000.

Additionally, the number of SHIB investors resting on paper profits has decreased, as indicated by the "InTheMoney" indicator. About 69% of investors in the asset are currently making money, while 24% are still in the red.

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