Amid the wide market rally, Shiba Inu bulls target key support levels that could push its value by 5x.
Since its conception in August 2020, Shiba Inu has gained attention in the wide market as the so-called “Dogecoin killer,” quickly remaining a topic of interest for both early adopters and new investors. While initially, Shiba Inu’s price recorded meteoric rises, it has witnessed typical fluctuations in the volatile cryptocurrency market. Understanding such fluctuations would require a deeper dive into factors influencing its price.
The U.S. election, for example, influenced the market sentiment, positioning the SHIB token to pull through a bullish trend. Shiba Inu’s price has recorded a 6% increase in its daily time frame, which aligns with the rest of the market. Its on-chain metrics highlight that the meme coin has finished the descending broadening wedge pattern, often highlighting bullish sentiment.
Shiba Inu Price Targets Key Support Level, Analyst Breakdown
According to crypto analyst Alex Clay, Shiba Inu’s price has identified two key targets based on its Fibonacci retracement levels. He noted that the SHIB token has just completed a descending broadening wedge pattern, which often signals a bullish reversal. This pattern has been outlined by the diverging downward trendline, which indicates a price reversal after being on a downward trend for some time.
After bouncing above the $0.00001833 critical support level, it has triggered room for more gains. Clay’s analysis also indicates that the bulls are targeting the $0.00003710, aligning with the 0.382 Fibonacci level as the intermediate level. Their second target would be around the $0.00005685 mark, corresponding to the 0.618 retracement, an area where sell-off pressure would intensify.
These two targets are pretty significant for investors before changing their strategies. Other analysts have also projected an optimistic outlook for the Shiba Inu coin, but this would depend on whether the broader market maintains its bullish momentum. As such, the meme token could rally by 5x to 10x from the current price to range between $0.00009555 and $0.0001911. In any case, savvy investors must remain informed and cautious before moving their positions.