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The Shiba Inu price continued to climb on Tuesday as both stock and cryptocurrency markets experienced modest recoveries. Shiba Inu (SHIB) surged to $0.00001290, marking its highest level since March 29, and showing a nearly 30% increase from its lowest point this year.

Market-Wide Recovery Boosts Shiba Inu

The recent recovery was broad-based, with Bitcoin and most altcoins posting gains. Bitcoin crossed a significant resistance level at $90,000 for the first time since March 12. Other altcoins like Kaspa, Fartcoin, and Bittensor rose by double digits, further fueling optimism in the crypto market.

Historically, altcoins tend to follow Bitcoin during strong rallies. For example, in January, most altcoins experienced significant growth as Bitcoin reached its all-time high of $109,300.

Analyst Predictions for Bitcoin

Several analysts remain optimistic about Bitcoin’s future performance. Arthur Hayes recently predicted that Bitcoin could eventually reach $100,000. Meanwhile, Robert Kiyosaki, author of “Rich Dad, Poor Dad,” forecasted that Bitcoin could surge to $180,000 by the end of the year, with an even higher target of $200,000 by 2025.

“BITCOIN is $84k today. Strongly believe Bitcoin will reach $180k to $200k in 2025.” – Robert Kiyosaki

Other analysts, such as CryptoElites, have set Bitcoin’s potential peak at $150,000, further underlining the bullish sentiment surrounding the cryptocurrency market.

Shiba Inu’s Catalysts for Growth

Shiba Inu has additional factors driving its price upward. The token has become one of the most deflationary meme coins due to its regular token burns, which reduce the circulating supply significantly over time. Millions of SHIB tokens are burned daily, contributing to its long-term scarcity.

Furthermore, the Shiba Inu ecosystem is expanding with the launch of Shibarium, a layer-2 network designed to improve scalability and utility. Shibarium has already handled over 1 billion transactions, showcasing its growing adoption and potential as a utility token.

Technical Analysis of Shiba Inu Price

Technical indicators suggest that SHIB price may continue to rise, especially if Bitcoin maintains its upward momentum and approaches the psychological milestone of $100,000.

SHIB has formed a large double-bottom pattern at $0.00001070, characterized by two distinct lows and a neckline at $0.0000333. Additionally, a smaller double-bottom pattern has emerged, with its neckline at $0.00001565.

The Bollinger Bands trend indicator has also shown a bullish divergence, signaling potential upward movement. It is nearing the zero line for the first time since December of last year, reinforcing the optimistic outlook.

Key price targets to watch include:

  • $0.00001576 – representing a 21% increase from the current level.
  • $0.00002217 – the 50% Fibonacci Retracement point, approximately 70% higher than the current price.

As Shiba Inu aligns with broader market trends and leverages its deflationary mechanisms and ecosystem advancements, its price may continue to climb.

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