The Shiba Inu cryptocurrency is currently exhibiting bullish indicators that might set the stage for a remarkable 130% increase. This could lead to new price milestones for SHIB, the popular meme coin. A crypto analyst has identified a pattern of ascending highs, reinforcing his optimistic forecast for a significant price upswing.
Shiba Inu Price Gears Up For 130% Rally
Klejdi Cuni, a well-regarded crypto analyst on TradingView, has published a thorough chart analysis that illustrates a bullish outlook for Shiba Inu. His chart reveals an upward-trending oval pattern, with Shiba Inu consistently achieving higher highs on a daily basis.
Strong Support and Accumulation Zone
According to the analyst’s insights, Shiba Inu has encountered robust support around the $0.00002424 mark for about a month. This repeated testing of the support level suggests an accumulation phase, where buyers frequently intervene to prevent further price drops. The analyst has outlined multiple upward targets as Shiba Inu maintains its bullish path. The pronounced upward curve in the chart also suggests that SHIB’s price could enter a vigorous parabolic ascent once it surpasses crucial resistance levels.
Projected Price Targets
Cuni anticipates a gradual yet significant price increase for Shiba Inu, suggesting that the meme coin could surge 130% to reach an initial target of $0.00003232, marking a near-term resistance level. Furthermore, the analyst has forecasted a second target at $0.00004167. Should Shiba Inu sustain its bullish momentum and remain above $0.000041, Cuni believes the coin could break out to a third target of $0.00005675. Ultimately, the highest target on the price chart points to an impressive surge to $0.00007012.
Current Market Performance and Future Projections
While achieving these bullish targets would be a notable achievement for Shiba Inu, it would still remain below its all-time high of $0.000086, which was reached during the 2021 bull run. During that period, the demand and value of meme coins experienced a dramatic increase.
Analyst Remarks on SHIB’s Performance
Cuni mentioned that Shiba Inu had already met his initial price target. Despite being categorized as a meme coin, Shiba Inu has not mirrored the price behavior typically observed among other meme coins in the market.
Analyst Predicts New All-Time High for SHIB
Currently, Shiba Inu is trading at $0.000028, following an 8% decrease over the past week, as reported by CoinMarketCap. The meme coin was among the top performers in the current bull market, having recently exceeded $0.00003. With the current price action hinting at a potential reversal, a well-known crypto analyst, referred to as ‘The CryptoBull,’ predicts that Shiba Inu may reach new all-time highs during this bull cycle.
Potential for Explosive Growth
The analyst shared a chart in a social media post, highlighting Shiba Inu’s price movements from May 2022 to the present. He suggests that if Shiba Inu surpasses $0.00003285, the coin could experience a dramatic rise to $0.00008852, establishing a new ATH.
In conclusion, Shiba Inu’s price is displaying promising signals for significant growth. With expert analyses pointing towards a potential 130% rally and new all-time highs, SHIB remains a cryptocurrency to watch in the upcoming bullish trends.
