Shiba Inu Price Prediction for 2024: SHIB Hints at Bullish Flag Formation
Key Insights
Shiba Inu is showing surprising strength with a 16% daily gain despite a flat short-term chart.
CoinCodex, an AI-powered platform predicts a 225% rise for Shiba Inu, potentially reaching its all-time high again within a month.
Shiba Inu's technical chart indicates a bullish flag formation, suggesting a potential breakout and further price increase.
Coincodex's outlook estimates a potential 345% return on a $100 Shiba Inu investment by year-end
Shiba Inu, the second largest memecoin on the market has begun to make waves in the crypto market, especially after the Bitcoin halving
According to the short-term price movement of the cryptocurrency, it doesn't look like Shiba Inu is doing much.
However, according to data from TradingView, the memecoin rallied by nearly 400%, as shown in the cart below.
Shiba Inu’s price gains for March
Moreover, data from Coingecko also shows that at the time of writing, the cryptocurrency has gained around 16% over the last 24 hours, indicating massive strength from its bulls.
But what does the post-halving Shiba Inu hold for investors this time around?
Nothing much stops Shiba Inu from entering a bull run and leading the memecoin market upwards, considering how it is currently outperforming giants like Bitcoin, Ethereum, and Dogecoin.
Let’s go over the potential of Shiba Inu to perform extraordinarily well, further into the future.
The Bitcoin Halving Effect
The expectations for Shiba Inu are at an all-time high, especially after the success of the Bitcoin halving, only a few days ago.
The implied scarcity of Bitcoin from here on out is set to increase the cryptocurrency's potential to rise in price, and Shiba Inu is no different, given its historical price correlation with Bitcoin.
To understand where Shiba Inu might be headed, we first need to take a look at CoinCodex.
CoinCodex is one of the top on-chain price prediction platforms. It combines the power of AI with a host of technical indicators and historical data to predict future prices of cryptocurrencies.
As it turns out, CoinCodex’s Shiba Inu prediction suggests that we might be seeing Shiba Inu retake its $0.00008618 all-time high from October 2021, and then rally by an additional 225% in this bull cycle.
Shiba Inu’s price prediction
Moreover, CoinCodex even expects Shiba Inu to hit its previous all-time high a month from now (around mid-May), as shown in the snapshot above.
Shiba Inu is also predicted to hit a high of $0.000094 in 2024, which would be an increase of around 245% from where it currently sits.
In essence, CoinCodex suggests that a $100 Shiba Inu investment in April might turn into $345 before the year runs out, should CoinCodex’s predictions materialize.
Keep in mind that the 2025 prediction sits at around $ 0.00002742.
Shiba Inu (SHIB) Price Analysis
At the time of writing, Shiba Inu trades at around $0.00002699 according to data from CoinMarketCap.
In the charts, we can see that Shiba Inu is currently trading inside a bull flag formation, which is a highly bullish signal.
Moreover, the cryptocurrency is also attempting a breakout from here and could be on its way to retaking its previous all-time high, just as CoinCodex predicted.
Shiba Inu’s price action
This means that if we see Shiba Inu break and close above $0.00002954, we would be looking at a new higher high on the cryptocurrency, as well as enough bullish juice to rally further upwards and even break above the $0.00004567 local high.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.