The Cryptocurrency analyst Zach Humphries predicts that the price of Shiba Inu (CRYPTO:SHIB), the world’s second largest meme cryptocurrency, will see a significant rise.
What happened
Humphries predicts that the price of SHIB will increase five or six times, given current market movements. The analyst, a highly respected figure in the Shiba Inu community, highlighted the growing dynamism of SHIB and its potential to take advantage of the growth of Ethereum (CRYPTO:ETH).
In a post on YouTubeHumphries dove right into the technical side of SHIB, emphasizing the potential of breaking the resistance level of $0.00002960. He suggested that this could trigger a bullish rally, which could lead to a six-fold gain if Ethereum reaches the $7,000 to $8,000 range.
“Shib and Pepe (CRYPTO:PEPE) are ready and prepared to go. I think it’s coming. “Ethereum is starting to give signs, right now it is calm, but it won’t be calm for long,” he said.
IntoTheBlock on-chain data reveals a sharp 82% increase in Big Headline Netflow of SHIB in the last day, with 2.4 billion SHIB, valued at approximately $72 million, moving into the portfolios of large investors. This rally often signals lower selling pressure, leading the way to positive momentum.
Humphries added: “If SHIB breaks that $0.00002960 level, watch out… we could start to make another rally in the $3.5 area,” he stated, adding that “I think as long as Eth hits $7,000- $8,000, you will probably get 10x growth in PEPE and probably a minimum of 5-6x in SHIB.”
At the time of writing, SHIB was trading at $0.00002729, reflecting a 3% drop in the last 24 hours.
Why is it important
The rally in SHIB price comes at a time when the cryptocurrency market is experiencing significant volatility. The possibility of a five- to six-fold growth in SHIB’s value could attract new investors and further entrench SHIB as a major player in the meme cryptocurrency market.
The expected growth of Ethereum, which SHIB is expected to benefit from, could also contribute to a bullish rally for the meme cryptocurrency.
The increase in SHIB Large Holder Netflow is another positive sign, indicating a decrease in selling pressure and potential price growth.
Photo courtesy of Shutterstock
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