Shiba Inu is currently in a phase of accumulation—might SHIB increase by 17 times from its current value?

The accumulation of Shiba Inu is increasing as analysts hint at a potential price surge. In an optimistic scenario, SHIB could reach a peak of $0.00021. As the second-largest memecoin by market capitalization, Shiba Inu (SHIB) is attracting interest due to its current price structure. Market analysts have indicated that there is a possibility for a breakout, which might allow SHIB to increase by 17 times from its present value. Analyst’s Confident SHIB Forecast. The memecoin sector is witnessing a resurgence, echoing the recent activity of leading cryptocurrencies such as Bitcoin (BTC). According to the latest information from CoinGecko, the overall market capitalization of memecoins increased by 4.9% to reach $51 billion in the last 24 hours. Despite the current downtrend, with SHIB dropping by 5503% to $0.0000125 recently, leading market analyst CryptoELITES on X remains hopeful about the future direction of SHIB. The analyst suggests that SHIB has the potential to increase by 17 times from its present price. Image Source: CryptoELITES on X. As per CryptoELITES, SHIB is now in a robust “buy zone,” indicating that a breakout may be imminent. An increase in demand at this price point significantly contributes to this rise. Interestingly, a 17-fold increase from the current price of $0.0000125 would push SHIB to $0.00021. For this optimistic outlook to remain valid, SHIB must maintain support at the lower descending trendline. Successfully overcoming the resistance at the 0.618 Fibonacci level, which stands at $0.00003, will validate the upward movement.