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A well-known Shiba Inu analyst projects SHIB’s likelihood to double its current value to potentially trade at $0.000055 based on observations on its daily chart.
In a recent post on X, Shiba Inu community analyst “SHIB Knight” brought public attention to a crucial observation on SHIB daily chart. He argued that Shiba Inu could be on a path to soar 115.7% to the multi-year high of $0.000055.
$SHIB Daily Chart Target is 0.000055 pic.twitter.com/qGMiLEgU8r
— $SHIB KNIGHT (@army_shiba) April 24, 2024
Shiba Inu Daily Chart
The analyst noted a consistent pattern of descending candles on SHIB’s daily chart, indicating lower lows since the peak point reached in early March.
Notably, Shiba Inu experienced an almost quadruple increase in value in less than two weeks last month, reaching $0.000045 by March 5. The chart accompanying the analyst’s update vividly illustrated the towering bull rally.
However, the bears later took control, and SHIB’s value continued to decline. Now, the established pattern on the daily time frame suggests that it has reached the end of its downward trend and is positioned for a potential rebound.
SHIB Targeting $0.000055 Next
SHIB Knight identified $0.000055 as the target for Shiba Inu for the anticipated comeback, projecting a potential 115% rally.
He issued this call when Shiba Inu hovered around the $0.000027 threshold. At the time, Shiba Inu was performing commendably in the market, reclaiming lost gains from the bears.
Accordingly, other analysts like “Prof Noan” similarly issued bullish targets for Shiba Inu amid the growing uptrend. Noan pinpointed four profit-taking thresholds in a scenario where SHIB sustains the upsurge. His highest target was $0.00004360, a less optimistic target than SHIB Knight’s $0.000055.
However, both analysts failed to specify a timeline for their bullish targets despite repeated inquiries from market participants.
Bearish Caution
Meanwhile, SHIB has taken a significant hit over the past day as Bitcoin dragged the market along its price correction path. In the last 24 hours, Shiba Inu is down by 8.5%, putting its price at $0.00002493.
In his analysis, Noan suggested that Shiba Inu could witness more pronounced downturn upon hitting $0.00002244, urging investors to exit their trade at the juncture. Despite the ongoing struggles with the bears, Shiba Inu continues to trade price points last seen two years ago.