Cryptocurrency analyst Carl The Moon has shared a bullish outlook for Shiba Inu, suggesting that the token could soon break out to a seven-month high. In a recent social media post, Carl presented a price chart showing a potential move to $0.00003630 if SHIB successfully breaks through current resistance levels.

Recent performance

Shiba Inu has faced a bearish trend in recent weeks, underperforming other cryptocurrencies during the recent market rally. While meme tokens like PEPE and BONK soared with gains exceeding 200% and Dogecoin surpassed its previous high, SHIB has struggled to maintain its bullish momentum.

Although the asset rose from $0.00001626 to $0.00003031 earlier this month, it quickly reversed course and is now trading at slightly above $0.000024. This has resulted in a slight decline in its weekly performance. However, analysts believe that a potential reversal is ahead.

Signs of a potential boom

Carl’s analysis suggests that the token is approaching a key turning point. He highlights the possibility of a 42% price increase, taking the token to $0.000036. If this happens, it would mark SHIB’s highest price since April. According to Carl, this bullish move could happen in the short term, possibly in the next few days.

Other market watchers, including analyst Roaring Kitty, have expressed similar optimism. Roaring Kitty believes the Shiba Inu could be preparing for a significant price increase, potentially doubling its current value.

Long-term forecast

In addition to short-term predictions, Carl revealed ambitious long-term goals for SHIB. He stated that he plans to hold his Shiba Inu until the token reaches $0.50—a massive increase of over 2,000,000% from its current value. He even speculated on the possibility of SHIB reaching $1.

While these predictions are highly speculative, they reflect the confidence some investors have in the asset’s potential. However, a repeat of the meteoric growth from 2021, when the token surged 884,400%, is unlikely in the near future given its current market capitalization in the billions of dollars.

Despite recent struggles, Shiba Inu remains a popular token among investors. Short-term indicators suggest a breakout is possible, with the token potentially reaching $0.000036 in the coming days.

While long-term forecasts are speculative and dependent on overall market dynamics, the continued attention from analysts and traders highlights the ongoing relevance of the Shiba Inu in the cryptocurrency market.