Analyst predicts Shiba Inu (SHIB) will reach new records in the current market cycle.
Despite macroeconomic and political challenges, excitement dominates the crypto market as investors focus on achieving new highs for leading digital assets. One of the main highlights is the meme coin Shiba Inu (SHIB), which market analysts believe could see substantial growth.
New Price Record for SHIB?
Renowned commentator CRYPTO SHERIFF claims that SHIB will surpass its all-time high of $0.00008616, achieved during the 2020/2021 bull run. He expressed this view in a post on X on December 15, describing SHIB's rise as "inevitable."
This optimism comes despite SHIB's recent price consolidation following its strong rally in November 2024. The token surged 98% from $0.00001687 to highs of around $0.00003343, fueled by Donald Trump’s election victory, which many anticipate will usher in a pro-crypto regime in the United States.
At the time of writing, SHIB has retraced some of its gains and is trading at $0.00002694. Nevertheless, analysts remain confident in the token’s bullish outlook.
Potential 1,700% Growth for SHIB?
On December 10, crypto analyst CryptoELITES predicted that SHIB could surge to $0.0004729 during the current market cycle, representing a 1,700% increase from its current price. This outlook is based on the bullish cup-and-handle pattern forming on the weekly chart.
The analyst stated that confirmation of this bullish pattern would occur if SHIB decisively breaks above the downward trendline, which has acted as a key resistance level since October 2021.
Risk of a 150% Decline?
Not all analysts are entirely optimistic. On December 12, crypto analyst PouyanTradeFX warned that failure to break the downward trend could result in a 150% decline, bringing the price down to $0.000011.
This scenario highlights that SHIB's future price movement will largely depend on its ability to overcome critical technical resistance levels.
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