An analyst says Shiba Inu is now about to see a 150% rally claiming that SHIB can double to near its all-time high.
While Shiba Inu (SHIB) is currently experiencing a 10% decline today, a daring market analyst has put forth an intriguing proposition: SHIB could soon double in value, approaching its all-time high.
This optimistic forecast emerges amidst a broader market downturn, where many enthusiasts are expressing confidence that positive momentum could persist well into 2025.
In a recent analysis published on TradingView, analyst “PouyanTradeFX” highlighted that Shiba Inu is at a pivotal price point.
The analyst pointed out that SHIB is currently testing a significant trendline that has constrained its movement since 2021.
According to PouyanTradeFX, this trendline has been a formidable barrier since the cryptocurrency peaked at an impressive $0.00008616 in October 2021.
The price has only briefly revisited higher levels, notably in March 2024, when it reached $0.00004567.
In the analysis, PouyanTradeFX presented a weekly candle chart, suggesting that if SHIB can successfully break free from this long-standing downtrend, it could potentially see an incredible surge of over 150%.
This would propel the price from its current level of approximately $0.00002838 to around $0.000074.
However, the analyst also cautioned that if the trendline continues to exert its influence, SHIB could face a significant decline, risking a drop of up to 62% down to $0.000011.
PouyanTradeFX is not alone in this bullish sentiment; several analysts have recently shared optimistic forecasts for SHIB.
Another analyst, known as “Crypto ELITES,” suggested that SHIB might be on the verge of erasing another zero from its price.
This projection indicates a potential price increase of nearly 1,700%, which could elevate SHIB to approximately $0.00047905.
This analysis was supported by the identification of a cup and handle chart pattern on the asset’s weekly chart.
Furthermore, a key factor that may support this anticipated rally is the ongoing decline in Bitcoin Dominance.
As Bitcoin’s dominance has dropped sharply from 61.5% in November to 56.5% at the time of writing, it signals a potential rotation of capital away from Bitcoin and into altcoins and meme coins like SHIB.
This shift could create favorable conditions for a resurgence in SHIB’s price.
Despite the current market fluctuations, it is noteworthy that SHIB has already achieved a remarkable 200% price gain over the past year, illustrating the resilience and potential of this meme-based cryptocurrency.
As analysts continue to express hopeful projections, many in the community remain optimistic about Shiba Inu’s future trajectory.
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Also Read: Shiba Inu Sees A Surge In Popularity Now Welcoming 7,548 New Wallets
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