An analyst now predicts SHIB could reach $0.000070 soon in the near future, citing positive indicators.
While Shiba Inu (SHIB) has disappointed many of its holders with its recent price performance, technical indicators are beginning to suggest that a bullish trend could be on the horizon.
Currently trading at $0.00002433, SHIB has seen a 5% decline over the past week, although it has managed a modest gain of 1.1% over the last month.
Market analyst Klejdi Cuni, sharing insights on TradingView, recently pointed out a bullish pattern emerging on Shiba Inu’s chart.
He noted that, although SHIB has underperformed compared to other meme coins and altcoins during recent market rallies, it may soon catch up.
Promising Signs on SHIB Daily Chart
Cuni emphasized that the daily chart presents a positive outlook for Shiba Inu.
He observed that since the trend reversal in September, SHIB has been on an upward path, characterized by higher highs and forming an oval pattern.
He stated, “This steady rise indicates a clear bullish pattern.”
Moreover, Cuni highlighted strong support around the $0.00002424 level, which has remained stable for about a month.
This suggests that significant accumulation is taking place, potentially setting the stage for a breakout in the coming months.
Shiba Inu Price Targets Upon Breakout
Cuni outlined several key price targets for Shiba Inu if a breakout occurs.
The first target is $0.00003232, indicating a potential 25.6% increase from its current price.
He also pointed to the $0.00004 region, a critical level that SHIB lost ten months ago.
If Shiba Inu reaches $0.00004167, it would represent a 61.6% surge from its current position.
The third target is set at $0.00005675, which would signify a remarkable 120.4% gain from the current price, a level not seen since 2021.
Looking further ahead, Cuni’s most optimistic expectation for the first half of 2025 is a price of $0.00007012, pushing SHIB close to its all-time high.
Achieving this target would mean a substantial 172.5% increase from its current value.
Other Analysts’ Perspectives on Shiba Inu
Several analysts share a bullish sentiment regarding SHIB, even as they await a definitive breakout.
Market analyst Sherif is confident that SHIB will surpass its all-time high of $0.00008654 during this market cycle, despite its recent underwhelming performance.
Additionally, the analyst known as “CryptoELITES” speculated that Shiba Inu could potentially eliminate another zero this cycle, aiming for $0.0004729, which would represent an 18X return for current holders.
This projection is based on a bullish cup-and-handle pattern observed on the weekly chart.
However, not all views are optimistic; one analyst has cautioned that if the anticipated bullish breakout fails, SHIB could plummet to $0.000011.
In summary, while the current price action of Shiba Inu may not inspire confidence, emerging technical indicators and analyst projections suggest that there could be significant upward momentum in the near future.
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