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Well-known crypto analyst Carl “The Moon” has suggested Shiba Inu could be headed for a seven-month high amid recent chart patterns.
In a recent post on X, he asked his followers whether they had been trading Shiba Inu recently. He argued that if the cryptocurrency breaks out to the upside, it could surge to $0.00003630. Carl expressed the sentiment amid an emerging trend in Shiba Inu charts.
Shiba Inu Recent Price Action
Notably, Shiba Inu has been in a bearish trend in recent days. The token even lagged behind the broader crypto market during the recent bull frenzy of the past two weeks. At the time, rival meme coins like PEPE and BONK set all-time highs with gains of over 200%, while others, like Dogecoin, surpassed their 2021 peak.
While Shiba Inu moved from $0.00001626 to $0.00003031 during the same time, it quickly lost momentum. Now, SHIB is struggling at around $0.000024, down 7% in its weekly performance.
SHIB Setting to Explode
Meanwhile, market watchers like Carl are confident that Shiba Inu is poised for a reversal. In his tweet, he shared a chart showing that Shiba Inu was primed to break out of its short-term downtrend, which followed its peak at $0.00003031 on November 12.
His chart outlined the possibility of Shiba Inu experiencing a mild 42% price pump, which could push it to $0.000036 in the short term, potentially before the week ends. Notably, Shiba Inu last traded at $0.000036 range seven months ago in April.
Other market analysts share similar views regarding Shiba Inu’s price action. For instance, according to analyst Roaring Kitty, Shiba Inu is warming up for a 2X surge despite its underperformance.
Ambitious SHIB Targets
Meanwhile, Carl has even bolder, more ambitious targets for Shiba Inu. Last week, he disclosed that he would not sell his SHIB holdings until the token reaches $0.50. This would present a massive 1,967,629% rise from Shiba Inu’s floor price. Previously, he mentioned a price target of $1.
It’s important to note that these projections are highly futuristic and speculative. Interestingly, as reported by The Crypto Basic in an earlier analysis, if Shiba Inu were to replicate its 2021 success, the price could eliminate all zeros and trade as high as $0.19.
However, the chances of this happening in the near term are slim, as Shiba Inu is now a project with a multi-billion-dollar market cap. The token achieved an astronomical 884,400% increase last season as its market cap was a few hundred dollars at the start.