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An analyst predicts Shiba Inu could surge 200%, potentially soar near its yearly peak, after a recent breakout and strong bullish signals.
Shiba Inu is swiftly rebounding from the intensified bearish momentum that impacted the cryptocurrency earlier today. While the price of SHIB dipped to $0.00001642 in the early hours, the coin is now trading at $0.00001784, marking an 8.64% rebound.
This recovery has sparked excitement in the Shiba Inu community. Bulls now anticipate that the ongoing rebound will continue the bullish trend from last week, which brought SHIB close to the $0.00002 price level.
In a recent update, an analyst known as “World Of Charts” shared an optimistic outlook for Shiba Inu, predicting the potential for a two-fold price increase.
The analysis highlighted a major reversal for the asset, noting that Shiba Inu has recently broken above a key resistance trendline, briefly retested it, and is now poised to break through again.
Shiba Inu Seeing Fresh Breakout to $0.000043
According to World Of Charts, Shiba Inu has already gained around 50% in profit since the initial breakout from its larger prolonged downtrend. This breakout occurred in late September when SHIB moved from $0.000014 to $0.00002156 in just three days. However, the explosive move preceded a retest in October.
The analyst pointed out that Shiba Inu is now approaching a descending broadening wedge formation and expects a potential 2x price increase (200% surge) if the breakout proves successful.
Notably, the Shiba Inu breakout in late September lost momentum after SHIB hit $0.00002156 and subsequently dipped to $0.00001553. However, the analyst believes Shiba Inu will break beyond the $0.000021 resistance this time, potentially rallying to the $0.000043 range before losing momentum again.
Other Analysts Weigh In
Shiba Inu attained the $0.000043 level in March before crashing by about 70% a few months later. However, popular sentiment within the Shiba Inu community suggests that the coin may not lose momentum at the $0.000043 level this time. Instead, many believe it could surpass its previous all-time highs and reach new price levels.
In a recent analysis, analyst Javon Marks emphasized that Shiba Inu is still heading to the $0.00008 threshold. He noted that the daily chart continues to show a solid bullish pattern supported by the RSI.
Marks maintained that the overall target for Shiba Inu remains $0.000081, with the uptrend to this level occurring earlier than many expected.