An expert suggests SHIB is now poised to break free from three-year downtrend, with the potential to reach its all-time high soon.
A prominent technical analyst has confidently announced that Shiba Inu is on the verge of breaking out of its prolonged three-year downtrend, with aspirations to reach its all-time high once again.
In December, Shiba Inu has shown marked improvement, particularly after a lackluster performance in November when it failed to keep pace with the broader rally in meme coins.
While other popular tokens like Dogecoin approached their previous cycle peaks and coins such as BONK even established new all-time highs, Shiba Inu only managed to break through a six-month high around $0.00003.
Analysts believe this subdued trend for SHIB is now coming to an end.
In a recent post on X, the analyst known as “The Krypto King” emphasized that Shiba Inu’s three-year downtrend, which began in late 2021, is nearing its conclusion.
He predicts a significant upward movement that could propel SHIB by at least 178%, potentially adding $0.00005602 to its current market value and bringing it closer to its all-time high of $0.00008645.
On the day of this prediction, Shiba Inu traded as low as $0.0000267 but surged by 24% to reach $0.000038, though it later dipped to $0.000027.
Presently, SHIB is trading in the $0.00003 range, boasting a weekly gain of 15%.
This performance positions it as the best-performing meme coin among its competitors, such as Dogecoin, PEPE, FLOKI, and BONK, which are all seeing weekly gains of less than 4%.
Looking ahead, analysts are optimistic about Shiba Inu’s potential for a significant upward movement.
The Krypto King’s outlook aligns with other market observers who speculate that Shiba Inu’s rise may be influenced by Ethereum’s recent bullish performance.
Commentators, including “JD Updates,” note that Ethereum’s breakthrough past the long-standing $4,000 resistance could signal a similar upward trajectory for Shiba Inu.
Further, market analysts suggest that for Shiba Inu to embark on its journey to surpass its all-time high, it must first overcome the persistent resistance at $0.000033.
Notably, SHIB faced rejection shortly after reaching $0.00003 on December 1.
Community analyst SHIB KNIGHT also forecasts a gradual upward trend, targeting a 29% increase to $0.00004, after which Shiba Inu could aim for even loftier heights, potentially exceeding its previous all-time high.
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