SHIB/USD Memecoin has experienced price corrections since hitting its yearly peak in March, but analysts believe that memecoin has the potential for significant gains.

What Happened: In a post on X, widely followed crypto expert World Of Charts drew attention to SHIB’s descending channel, which has been in place since the coin hit its yearly high in early March. Since then, the meme token has plunged 33%.

However, analysts predict that if SHIB succeeds in breaking out of the mentioned area, a strong uptrend is likely to occur in the coming days.

“Still consolidating in a descending channel, massive bullish movement is expected if it breaks out successfully, Shib is in an uptrend and expected to move higher in the coming days.”

Ali Martinez, another well-known expert in the field, made a similar prediction, predicting that the price could rebound by 20% to $0.00002954.