An analyst now predicts Shiba Inu could rise to $0.00006937 according to its current price setup.
Market analyst TSLA Tracker (@SBZung) has expressed a highly optimistic view on Shiba Inu (SHIB), the second-largest meme coin in the crypto market.
He noted that he is impressed with SHIB’s current price setup and anticipates that the token will soon surpass the $0.00006 mark.
According to his analysis, Shiba Inu has been following a distinct price pattern that he believes will persist.
The accompanying chart indicates that SHIB could potentially soar by 132%, reaching a target price of $0.00006937, which aligns with the Fibonacci 76.4% retracement level.
Is Shiba Inu (SHIB) on the Verge of a Major Breakout?
Recently, Shiba Inu experienced a consolidation phase after hitting a multi-month high of $0.000033159 on December 1.
Although there was a slight downturn following this peak, the token quickly rebounded and is currently trading at around $0.000032, reflecting an 8% increase from the previous day.
Another market analyst, Javon Marks, has also shared a positive perspective on SHIB.
He pointed out that the token has broken free from a long-term falling wedge pattern, suggesting that bullish momentum could propel it closer to its all-time high.
Marks has projected an impressive 360% increase for SHIB, setting a price target of $0.000081.
Current technical indicators present a mixed picture.
The Relative Strength Index (RSI) indicates potential for further price appreciation, currently sitting at 57, which suggests that SHIB still has room to grow before it becomes overbought.
Conversely, the Moving Average Convergence Divergence (MACD) shows a bearish trend, with the MACD line diverging from the signal line, hinting at possible downward pressure.
Despite this, the overall sentiment among analysts remains bullish, especially given SHIB’s rapid recovery from recent market fluctuations.
Moreover, Shiba Inu has seen a significant uptick in trading volume, increasing by 17.5% to $3.43 billion in the past 24 hours, which indicates growing interest in the token.
Data from CoinMarketCap reveals that 89% of the community holds a bullish outlook, with many anticipating a continuation of the recent rally.
A key factor contributing to this positive sentiment is the upcoming launch of the SHIB DAO.
Shiba Inu’s lead developer, Shytoshi Kusama, has issued an important warning to users to remain cautious as the launch approaches, highlighting the community’s focus on safety.
As of now, SHIB is nearing its highest level since April and is quickly approaching its 2024 peak of $0.00004534.
If it reaches TSLA Tracker’s target of $0.00006937, it would surpass this level, with the next significant milestone being the meme coin’s all-time high of $0.00008845.
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Also Read: Shiba Inu Sees A Surge In Popularity Now Welcoming 7,548 New Wallets
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