$SHIB Shiba Inu Analyst Projects 1,700% Price Surge

Shiba Inu (SHIB) may be about to see a major surge, according to popular crypto analyst CryptoELITES. With a 1,700% price surge in the current bull market, the analyst believes SHIB may hit a price target of $0.000472905.

CryptoELITES revealed the cup and handle pattern on SHIB on the 10th of December in a tweet. This pattern has been formed over three years and is a very strong buy signal in the technical analysis chart. It is more likely to be an extension of an upward trend.

The resistance level of the pattern is a descending trendline that has kept SHIB in check since the month of October 2021. CryptoELITES expects SHIB to overcome this trendline and set the stage for further steps at $0.000085171, $0.000183312, and the expected $0.000472905.

CryptoELITES noted that the upward movement of SHIB depends on the decline in Bitcoin’s market dominance. In previous bull runs, a drop in Bitcoin’s market share has triggered capital rotation into altcoins and other meme coins.