The price of Shiba Inu is emitting bullish signals that could pave the way for an impressive 130% rally to new levels. A crypto analyst has highlighted a higher peak pattern, reinforcing his optimistic price prediction for the upcoming rally of SHIB.
Shiba Inu price surges 130%
Klejdi Cuni, a crypto analyst at TradingView, has published a detailed chart analysis showing a bullish setup for the price of Shiba Inu. The chart highlights a progressively rising oval trend, with Shiba Inu consistently reaching higher daily highs.
The analyst reveals that Shiba Inu has faced strong support around $0.00002424 multiple times over the past month. Retesting this support level signals an accumulation zone where buyers continuously step in to prevent further price declines.
Sharing the price chart, the analyst has set several bullish targets as Shiba Inu continues its upward trajectory. The strong upward curve in the chart also indicates that SHIB's price could enter a strong parabolic move upwards after breaking through key resistance levels.
Cuni predicts that the price of Shiba Inu will rise steadily but significantly, forecasting that this meme coin could increase by 130% to reach an initial target of $0.00003232 at short-term resistance. The analyst also predicts that Shiba Inu could reach a second target of $0.00004167.
If Shiba Inu can maintain its bullish momentum and stay above $0.000041, Cuni believes there will be a significant breakout with a third target of $0.00005675. Ultimately, representing the highest target on the price chart, the TradingView analyst forecasts a strong rally to $0.00007012.
Although achieving this price increase target would mark a significant milestone for Shiba Inu's price, it would still fall below the meme coin's all-time high of $0.000086. This all-time high was reached during the bull run in 2021 when demand and price for the meme coin surged.
Cuni explains that Shiba Inu has achieved its first anticipated target. However, despite being a meme coin, Shiba Inu has not yet exhibited price action similar to other meme coins in the market.
The analyst states that SHIB's next ATH is coming soon.
The price of Shiba Inu is currently trading at $0.000028 after experiencing an 8% drop over the past week, according to CoinMarketCap. This meme coin is one of the strongest gainers of this bull market, having recently surged above $0.00003. With the current price action signaling a potential reversal, a well-known crypto analyst known as 'The CryptoBull' has predicted that Shiba Inu could reach a new all-time high in this bullish cycle.
The analyst shared the chart in a post on X (formerly Twitter) showing the price volatility of Shiba Inu from May 2022 to the present. The analyst suggests that if Shiba Inu surpasses $0.00003285, this meme coin could witness a massive surge to $0.00008852, creating a new ATH.
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