Global digital currency exchange, Changelly has forecasted a bullish outlook for doggy-themed meme coin, Shiba Inu, predicting a surge to new all-time highs followed by subsequent bearish movements.
SHIB Expected To Reach New ATH In May
On Wednesday, April 24, Changelly shared a price forecast for Shiba Inu, predicting the future value of the cryptocurrency from May 2024 to the end of 2024. Following its rise to record highs of about $0.00004, Shiba Inu plummeted significantly, dropping by approximately 14.06%, according to CoinMarketCap.
Analysts from Changelly have predicted that a potential price surge to new all-time highs is likely to occur in Shiba Inu next month. They expect the value of the cryptocurrency to steadily increase to an average price of $0.000312 in April before witnessing an exponential surge to a maximum value of $0.000087 by May.
Changelly has projected that the average and minimum price for Shiba Inu in May will be around $0.000034 and $0.0000061, respectively. According to the analysts, Shiba Inu has been displaying strong price fundamentals in the last few days, surging upwards by about 22.22%.
The cryptocurrency had witnessed a sharp drop earlier in March, triggered by the diminishing interest and demand for meme coins within the crypto space. Changelly has predicted that Shiba Inu could rise by 11.97% by April 26, 2024.
At the time of writing, the cryptocurrency is trading at $0.000025, reflecting an increase of 1.35% in the past 24 hours and 12.58% over the past seven days, according to CoinMarketCap. Changelly has boldly suggested that if Shiba Inu can succeed in breaking bearish trends to witness a price surge to predicted levels, it could become a “solid asset” within the dynamic cryptocurrency space.
Price Set To Go Downhill After Bullish Surge
Following its bullish price forecast of Shiba Inu in May, Changelly has projected that the cryptocurrency may enter bearish territory due to price fluctuations. Analysts from the crypto exchange anticipate a downtrend in June of about $0.00005 on average, with a minimum and maximum value of $0.000024 and $0.000075, respectively.
By July 2024, Shiba Inu is expected to decline further, trading at an average price of $0.000025. Towards the end of the year, from August to October, the price of Shiba Inu is projected to surge, trading around a maximum peak value of above $0.00008.
Despite the bullish outlook during this period, Changelly has also disclosed that the cryptocurrency may witness a crippling slump in December. The price of Shiba Inu could record new lows, dropping to $0.000014 on average, with a minimum and maximum trading value of $0.000014 and $0.000013, respectively.
SHIB price succumbs to bears | Source: SHIBUSDT on Tradingview.com