2024-10-22 20:34 |
Shiba Inu (SHIB) is garnering attention in the crypto space as influential analysts point to a potential massive surge, with one crypto pundit setting an ambitious target suggesting a possible 5,400% price increase. This bold prediction comes as SHIB shows strong technical indicators and increased market activity.
Notably, despite a challenging Thursday that saw SHIB drop by 5%, trading around $0.0000182, the token has performed remarkably well over the past month, boasting a 33% increase as per CoinMarketCap data. The token’s performance aligns with broader market movements, as verified by Santiment’s market analysis, which shows significant social volume spikes across meme coins, including Dogecoin Bonk and SHIB.
In a recent tweet, popular crypto market analyst Crypto Sheriff noted that the current bullish momentum for SHIB could persist. He outlined specific target levels, highlighting an initial target of $0.00002, followed by another take-profit level at $0.00002, with an ultimate goal of reaching $0.001. Notably, while the analyst did not specify a timeline for this progression, achieving the ultimate target of $0.001 would represent an impressive surge of approximately 5,471% for SHIB.
The technical outlook for SHIB also appears increasingly bullish following key pattern developments. Crypto analyst Vibranium Capital’s analysis shows SHIB has broken above a crucial resistance trend line from a closely watched symmetrical triangle, breaching the $0.00001650 level before returning to retest this zone as support.
In a post on TradingView, the pundit noted that SHIB had completed an 800-day downtrend. The 2021 trend resistance is now flipping to become support, a significant technical reversal signal.
He further projected ambitious targets of reaching 0.0008814 USDT by early 2025.
However, he noted that while near-term consolidation may persist, this accumulation phase appears to be laying the groundwork for a potential major rally as bulls demonstrate renewed control following the extended bearish period.
Meanwhile, the current market setup makes these targets particularly interesting. The token’s reduced exchange supply and increasing demand have created a potential springboard for price appreciation. Market data from Santiment reveals that speculative assets are experiencing notable churn as Bitcoin profits get redistributed into altcoins.
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