Crypto analyst Ashish recently presented a bullish outlook for Shiba Inu (SHIB) on TradingView, predicting a significant price increase in the coming months. This prediction follows SHIB’s breakout from a prolonged consolidation pattern that lasted nearly two years.
Before December 2023, Shiba Inu had been trading within a consolidation pattern since May 2022. This pattern was characterized by restricted price movement, with a descending trendline as a barrier to upward price action. In December 2023, Ashish anticipated a breakout from this consolidation, suggesting a potential reversal in SHIB’s price trajectory.
His analysis seemed accurate, as SHIB breached the trendline in late December. However, the following months witnessed significant volatility. The price initially dipped into an accumulation zone before surpassing the $0.000011 mark in late December.
This climb solidified the breakout, but SHIB consolidated around $0.00001 for weeks before a correction sent it below this level. However, a turnaround followed in late February, with a remarkable surge of almost 400% that extended into early March. This uptrend culminated in a yearly high of over $0.00004 on March 5. Notably, this peak significantly exceeded Ashish’s initial breakout target.
Price Predictions and Supporting Indicators
Following the March correction, Ashish established new average buying zones between $0.000022 and $0.000025. Now with the formation of a bullish flag pattern on the 1-hour chart, Ashish anticipates a potential second leg up for SHIB. This flag pattern suggests a continuation of the previous uptrend.
Other analysts share similar optimism. In a recent post, prominent crypto analyst Ali (@ali_charts) spotted a bullish flag and predicted a surge that could send SHIB to $0.000072323. Other analysts have set higher targets for the meme coin based on varying technical indicators, and the consensus is that SHIB is on the verge of a massive rally.
Shiba Inu’s Future and Supporting Factors
Ashish maintains his prior prediction of a 600% upswing for SHIB. This would translate to a price target near $0.000075. This target is a little above Ali’s target, and just below SHIB’s all-time high of $0.00008845.
Recent developments, like Coinbase’s announcement of SHIB futures trading for institutional investors, have contributed to a renewed interest in the cryptocurrency. This surge in interest could further bolster the possibility of the anticipated second leg up.
SHIB is trading at $0.0000248, showing a modest 1.44% increase over the past 24 hours. However, a legendary trader recently predicted a 508% surge for SHIB, and it is only a matter of time before the meme coin starts climbing.
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