An analyst has predicted a significant surge for Shiba Inu (SHIB), suggesting the token could rise by 150% to $0.000074. This forecast comes amid a 10% price decline for SHIB and ongoing market uncertainty.
Shiba Inu Approaches a Critical Price Level
Shiba Inu’s current price level has been described as critical by the market analyst “PouyanTradeFX.” According to the analysis shared on TradingView, SHIB is testing a long-standing trendline that has impacted its price movement since 2021.
The analyst highlighted that SHIB initially entered this downtrend after reaching its all-time high of $0.00008616 in October 2021. The token revisited the trendline in March 2024 when it surged to a high of $0.00004567.
A weekly candle chart was used to demonstrate that breaking above this trendline could result in a 150% rally. The price of SHIB could rise from its current level of $0.00002795 to approximately $0.000074 if the resistance is overcome. However, a failure to break the trendline could lead to a 62% decline, pushing the price to $0.000011.
Bullish Projections from Other Analysts
PouyanTradeFX is not the only analyst expressing optimism about SHIB’s potential. On December 11, another analyst, “Crypto ELITES,” shared a similar bullish outlook.
Crypto ELITES suggested that SHIB could erase another zero from its price and surge nearly 1,700% to $0.00047905. This prediction was based on a cup-and-handle chart pattern observed on SHIB’s weekly chart.
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A key factor supporting this forecast is the declining Bitcoin Dominance. This metric, which measures Bitcoin’s share of the cryptocurrency market, has dropped from 61.5% in November to 56.5% recently. The decline indicates a potential rotation of capital from Bitcoin to altcoins, including SHIB.
SHIB’s Recent Performance and Future Outlook
Despite the current 10% decline, SHIB has demonstrated strong performance over the past year, with a 200% price gain. Analysts believe that the token’s potential for further growth remains high, supported by market dynamics and technical patterns.
While challenges remain, these bullish projections suggest that SHIB could be poised for a significant rally, potentially nearing its all-time high. Whether SHIB breaks the trendline or faces a pullback will determine its trajectory in the coming weeks.
