A leading trader now forecasts a 235% increase for Shiba Inu, predicting it will reach $0.00005816 following its recent decline.
Market Context: A Recent Dip and Recovery
The crypto landscape faced a significant scare as Bitcoin plummeted more than 10% over two days, dropping to around $93,000.
This drop triggered a wave of selling across the altcoin market, causing Shiba Inu to retest a crucial support level near $0.0002.
Despite this volatility, Shiba Inu has demonstrated impressive resilience.
It quickly rebounded from its lows, rising 28% from a recent low of $0.0000185 and gaining an additional 6% this morning, bringing its price above $0.000238.
Shiba Inu is currently trading at $0.00002176.
Analyst Insights: Optimism for Further Gains
In the wake of this recovery, notable market analyst Dollars Maker has expressed optimism regarding Shiba Inu’s future performance.
In a recent analysis on TradingView, the pseudonymous trader indicated plans to open a long position, with an entry point around the recent price lows observed on December 20.
Dollars Maker outlined three target prices for Shiba Inu, the most ambitious being a staggering 235% rise to $0.00005816.
While he did not specify a timeline for this projection, his analysis suggests a phased approach.
He anticipates the token will first target a 92% increase to $0.00003339, followed by a 163% rise to $0.00004566.
Achieving the final target would mark a new yearly peak for SHIB, eclipsing its previous high of $0.000045 reached in March 2024.
Additional Perspectives on Shiba Inu’s Potential
Other analysts have also weighed in, affirming their belief that Shiba Inu is on the cusp of further price increases.
Analyst Klejdi Cuni has noted promising signs for the token, suggesting that positive sentiment surrounding the Shiba Inu ecosystem could propel it to $0.000070 shortly.
He attributes this potential surge to sustained accumulation near the support level of $0.00002424, which he believes will generate the momentum needed for a breakout.
Similarly, Pouyan TradeFX echoes this bullish sentiment, forecasting a push toward $0.000074.
This analyst points out that Shiba Inu may be on the verge of breaking a multi-year trendline that has hampered its price growth, potentially leading to gains exceeding 100%.
As Shiba Inu navigates its recovery amidst a fluctuating market, analysts remain optimistic about its trajectory.
With significant targets on the horizon and a resilient rebound from recent lows, the meme coin could be gearing up for a remarkable surge in the coming weeks.
Investors and enthusiasts alike will be watching closely to see if these predictions materialize.
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Also Read: Shiba Inu Sees A Surge In Popularity Now Welcoming 7,548 New Wallets
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