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Despite lagging behind its peers in the ongoing relief rally, Shiba Inu could still spike 52% to $0.00001492.
It is no longer news that the broader crypto market has witnessed a surge in sentiment, leading to an increase in the prices of various tokens, including Shiba Inu.
However, Shiba Inu has partially participated in the relief rally compared to its peers. The canine-themed token has seen a slight gain of 4.1% over the past week.
Shiba Inu’s Recent Performance
Similarly, Shiba Inu is also up 7.1% and 3.2% in the 14-day and monthly charts, respectively. At the time of writing this line, Shiba Inu is trading around $0.00000977, down 25.4% since February 2023.
Recall that Shiba Inu made an impressive move this week that saw it delete a zero after its decimal point. This came after the canine-themed token rallied over 4% on February 15 to breach the barrier at $0.00001. However, the rally did not last long as SHIB plummeted below $0.00001 again.
Expert Forecasts SHIB Spike to $0.00001492
Interestingly, top crypto expert and Shiba Inu enthusiast ‘$SHIB KNIGHT’ expects the token to breach the $0.00001 resistance again.
The expert emphasized that Shiba Inu could be gearing up for a massive rally that could take its price to $0.00001011, $0.00001193, and $0.00001309.
Notably, the analyst expects SHIB’s upcoming upsurge to take it to $0.00001492 eventually. For SHIB to hit $0.00001492, the token will need to rally 52.7% from its current price of $0.00000977.
According to the analyst, the possible factors that could help Shiba Inu achieve the target include the ongoing bullish sentiment across the market and SHIB’s recent downtrend breakout in the weekly charts.
As reported yesterday, SHIB recently rallied above the 50-day EMA at around $0.00000940, paving the way for a potential price spike. Shiba Inu last achieved this feat in October 2023, which later led to an 80% price increase.
Meanwhile, ‘$SHIB KNIGHT’ also highlighted $0.00000953, $0.00000896, and $0.00000880 as the significant support levels for Shiba Inu.
At press time, SHIB was changing hands at $0.00000977, down 88.7% from its all-time high of $0.00008616, recorded in October 2021.