The smallest stock was Shiba Inu flashing bullish signals that could pave the way for an impressive 130% rally to new highs. A crypto analyst has highlighted a pattern of higher highs, confirming his optimistic price projection on an upcoming price increase for SHIB.
Shiba Inu price rises for a 130% rally.
TradingView crypto analyst Klejdi Cuni has released Detailed chart analysis presents a bullish position for the Shiba Inu Price. The chart shows an ascending oval trend, with Shiba Inu consistently making higher highs each day.
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The analyst revealed that Shiba Inu is on several occasions against strong support around the $0.00002424 level for about a month. This retest of the support level indicates a rally zone, where buyers regularly step in to avoid further declines in prices.
By sharing a price chart, the analyst has set several bullish targets as Shiba Inu continues its bullish path. The sharp upward curve in the chart also indicates that the price of SHIB may enter strong parabolic motion up after breaking major resistance levels.
Cuni projects steady but a big change in the Shiba Inu marketpredicts that the meme coin could surrender 130% to reach an initial target of $0.00003232 in the near-term struggle. The analyst has also predicted that Shiba Inu could hit a second target at $0.00004167.
If Shiba Inu can maintain its supportive trend and stay above $0.000041, Cuni believes that there is an important breakout level to the third target at $0.00005675. Finally, representing the highest target on the price chart, the TradingView analyst predicts a significant increase to $0.00007012.
Although these are reached bullish price targets it would be an important milestone for the Shiba Inu price, it would still be significantly lower the highest dog meme buy for 0.000086 US dollars. This all-time high was achieved during the bull in 2021 when the demand and price of meme coins skyrocketed.
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Cuni explained that Shiba Inu had already achieved his first projected target. However, despite being a meme coin, Shiba Inu has not exhibited price action similar to other meme coin coins in the market.
Analyst says SHIB ATH comes in
The price of Shiba Inu is currently trading at $0.000028 after declining 8% over the past week, according to CoinMarketCap. The meme coin has been one of the main winners in this bull market, with has become more than $0.00003 recently. With the current price action signaling a possible reversal, a prominent crypto analyst, labeled 'The CryptoBull,' has predict that Shiba Inu could reach new heights all the time in this bull ring.
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The analyst shared a chart in an X post (formerly Twitter) showing Shiba Inu price trends from May 2022 to today. The analysis suggests that if Shiba Inu crosses $0.00003285, the meme coin could see an explosive rise to $0.00008852, making a new ATH.
Featured image created by Dall.E, chart from Tradingview.com
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