Doubling your investment in crypto is not always that hard, especially when you are talking about meme coins like Shiba Inu (SHIB). But for all its glory back in 2021, SHIB has actually fallen sharply this year albeit we saw some recovery at the end of March. But the coin has the potential for doubling your money. You will see why below but first, check out these important takeaways:
Shiba Inu appears to be sitting within a significant demand zone.
The coin could break out in a decisive bullish run with 100% gains.
SHIB also remains above strong support with very low downside risk
Data Source: Tradingview
Can SHIB actually deliver 2x in the near term?
Yes, the chart appears to show that there is a setup for 100% gains. Right now, SHIB has entered a crucial demand zone of between $0.0000235 to $0.0000263. This has actually happened before in late February, and once SHIB broke, it went on to rally by a huge margin.
The most conservative estimate will be a 38% upswing this time round. But where will the 100% rise come from? Well, you see SHIB is also sitting above a very strong support zone. This means that the risk of steep corrections is minimal.
For this reason, it is likely that SHIB will swing by around 40%. After that, a small correction will come where SHIB will pull back slightly before rising again. In the end, it’s conceivable that the price will double in the near term.
Is it time to get SHIB?
Well, Shiba Inu will break out sooner or later. It, therefore, makes sense to start accumulating these coins within this demand zone.
From a long-term point of view, SHIB remains a bit risker due to uncertainty over long-term investor sentiment. But considering that it has fallen sharply from its 2021 ATHs, it could be a great time to buy the meme coin at a discount.
The post Shiba Inu (SHIB) could double your money in the near term – Here is why appeared first on Coin Journal.