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The latest market correction has resulted in Shiba Inu retesting the $0.000025 low, with market analyst Scofield projecting an imminent 140% jump to the $0.000065 level.
Shiba Inu (SHIB) has not escaped the latest market collapse, relinquishing some of the gains of the previous upsurge. The asset eventually gave up the $0.00003 territory on April 1 amid a 6.83% intraday slump, closing the day at $0.00002864.
The market onslaught has continued, and SHIB has dropped further to the $0.000027 zone. Despite the bearish market conditions, crypto analyst Scofield expects a recovery from the recent lows and predicts an imminent push to new yearly highs.
His latest analysis revealed that Shiba Inu has been trading underneath a downward trendline that has stifled its growth since the drop from $0.000045 on March 5. The asset first attempted to breach this trendline on March 18, when it rallied to $0.00003285. However, resistance from the bears foiled this attempt.
A Possible 140% Surge
Scofield’s chart suggests that Shiba Inu could soon muster enough strength to break above the trendline. This prospect is further bolstered by the recent retest of the $0.00002550 low amid the latest market drop. SHIB has recovered from this two-week low and is looking to soar higher.
$SHIB Target is given in the chart! pic.twitter.com/Hi1yPCsnjR
— Scofield (@Crypto_Scofield) March 31, 2024
Once such a breakout occurs, Scofield expects Shiba Inu to breach two potent resistance levels stationed between the $0.000040 and $0.000055 levels on the back of the ensuing rally. According to the chart, SHIB could surge further to a new yearly peak of $0.00006537 after breaching these resistance points.
SHIB currently changes hands at $0.00002722 with a 1.69% rise over the last 24 hours. At this current position, a rally to $0.00006537 would require a 140% jump. Notably, the bulls could ride on the sustained HODL culture demonstrated by Shiba Inu investors to engineer this price jump.
Shiba Inu Bulls Demonstrate HODL Culture
Data from IntoTheBlock suggests that while traders (investors who entered the Shiba Inu market less than a month ago) have continually distributed their SHIB amid market turbulence, long-term holders remain resilient. As a result, wallets holding SHIB for over a year have increased by 3.61% in the past month.
In addition, CryptoQuant indicates that Shiba Inu reserves on exchanges have continued to drop since Feb. 29 These reserves have dropped to 155 trillion SHIB as of press time, suggesting that investors are taking off their assets from exchanges possibly for long-term HODLing.
The recent analysis from Scofield is one of multiple bullish projections from market analysts who believe SHIB could record another massive run. For instance, Xanrox expects Shiba Inu to soar by an additional 300% this year. Moreover, Captain Faibik recently forecasted another 2x surge in SHIB’s price to $0.000058.