Wow

A market analyst believes Shiba Inu is setting up the stage for a possible 1,700% upsurge.
Amid the broad crypto market uptrend, the question for many speculators is how high crypto assets can go. For the leading meme coin Shiba Inu (SHIB), one market watcher has suggested that the answer to this question could be “very high.”
Prominent crypto analyst “CryptoELITES” has opined that SHIB can surge to the $0.000472905 price point in the current bull market. At current prices of $0.0000268, the price projection represents a nearly 1,700% increase.
CryptoELITES made this call in an X post on Tuesday, December 10, sharing a chart suggesting that SHIB had formed a cup and handle chart pattern on its weekly candle chart. This chart pattern, which has persisted for over three years, is typically considered bullish as it often signals the continuation of an uptrend.
Notably, the chart highlights a descending trendline that has acted as resistance for SHIB since October 2021. The nalyst expects SHIB to break this trendline and rally to $0.000085171, $0.000183312, and eventually $0.000472905.
However, CryptoELITES says this is contingent on a collapse in Bitcoin’s dominance, which would lead to more capital rotating to altcoins and memes in the bull market.
For context, over the past few weeks, Bitcoin’s market cap dominance has sharply reduced from highs of around 61.53% to lows of 54.78% and is currently around 57.17%.
Interestingly, CryptoELITES is not the first analyst to project a SHIB surge to around the $0.0001 and $0.0004 price points in recent months.
In April 2024, market commentator Eunice Wong contended that SHIB was poised to hit the $0.0001 price point. In July 2024, CIFDAQ Blockchain Ecosystem Chairman Himanshu Maradiya told Forbes that he expects to see SHIB trading between $0.0001 and $0.0003.
What will drive this rally that seems to be plucked right out of a SHIB holder’s wet dream, and when will it materialize?
Maradiya suggested that continued favorable market conditions and advancements in the SHIB ecosystem will drive SHIB’s rally.
As for how long it will take to materialize, analysts remain divided. While market commentators like Wong and Maradiya suggest 2025 is the year to watch, Changelly currently suggests that $0.0001 is not happening until 2029 and $0.0003 until 2033.
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