Shiba Inu Could Rally 30% As Long As It 'Holds A Few Levels:' Crypto Analyst Van De Poppe Sets Bullish Target

Cryptocurrency analyst Michael Van De Poppe on Wednesday predicted a rally for meme coin Shiba Inu SHIB/USD.

What Happened: In a tweet on X (formerly Twitter), Van de Poppe expressed his belief that SHIB has the capacity to experience a notable increase in value, provided it manages to sustain its position above crucial support levels.

According to the chart shared by the CEO and founder of MN Trading, Shiba Inu could potentially surpass the projected price level of $0.000013. As of the current exchange rate of $0.00000918 per SHIB token, this anticipated price surge represents a potential increase of more than 30%.

Van de Poppe identified three critical support levels: $0.00000808, $0.00000870, and $0.00000941. He suggested that as long as SHIB remains above these price levels, it is likely to maintain its ongoing upward momentum.

"As long as SHIB holds a few levels, it seems very likely we’ll continue towards 1300," Van de Poppe tweeted.

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Why It Matters: Following the launch of the much-anticipated layer-2 Shibarium network on Wednesday, the price of Shiba Inu tokens has witnessed a decrease of approximately 8% within the past 24 hours. The decline is reportedly due to widespread reports of bridging issues surrounding the network.

Shibarium serves as a foundational layer for the Shiba Inu ecosystem. The launch of this network was eagerly anticipated by the community, as it aimed to bolster the functionality and efficiency of the Shiba Inu ecosystem.

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