Despite recent underwhelming price movements, analysts are highlighting Shiba Inu (SHIB) as having the potential for a significant price surge. Indicators are pointing toward the development of a bullish trend, suggesting positive momentum ahead.
SHIB is currently priced at $0.00002574, reflecting a 5% decline over the past week and a modest 1.1% gain for the month. Market analyst Klejdi Cuni has drawn attention to a bullish pattern on SHIB’s TradingView chart. While SHIB has trailed other meme coins and altcoins during recent market rallies, Cuni believes the token could soon compensate for lost ground.
Encouraging Trends in SHIB’s Daily Chart
Cuni has observed promising signs on SHIB’s daily chart, noting that the price has been upward since a trend reversal in September. The chart shows higher highs, forming an oval pattern Cuni describes as indicative of bullish momentum.
A strong support level at $0.00002424 has been identified, holding steady for over a month. Cuni suggests this stability indicates significant accumulation, which could set the stage for a breakout in the coming months.
Key Price Targets Highlighted by Analysts
If a breakout occurs, Cuni has outlined several key price levels for SHIB. The first target is $0.00003232, marking a 25.6% increase from the current price. The $0.00004 region, which was lost ten months ago, is considered another critical level, with a move to $0.00004167 representing a 61.6% rise.
Related Article: XRP Price at a Crossroads: Can It Reclaim Bullish Momentum?
The next target of $0.00005675 could yield a potential gain of 120.4%, a level last seen in 2021. Looking further ahead, Cuni’s most optimistic scenario projects SHIB reaching $0.00007012 by mid-2025. Achieving this would represent a 172.5% increase and bring the token close to its all-time high.
Other Analysts Weigh In on SHIB’s Prospects
Other analysts have echoed bullish sentiments about SHIB’s future. Sherif, another market expert, has expressed confidence that SHIB will surpass its all-time high of $0.00008654 during this market cycle despite its recent stagnation.
Similarly, analyst CryptoELITES has predicted that SHIB could rise to $0.0004729, effectively cancelling another zero. This prediction, which equates to an 18X return for current holders, is based on a bullish cup-and-handle pattern observed on SHIB’s weekly chart.
However, caution has been advised by one analyst, who warned of a potential drop to $0.000011 if the anticipated breakout fails to materialize.
While multiple bullish signals have been identified, analysts emphasize the need for careful observation as SHIB’s market conditions evolve.
