thecryptobasic.com
Prominent analyst Davie has identified Shiba Inu as an overlooked gold mine capable of delivering impressive returns in the short and long terms.
Davie voiced this view in a recent post on X, reflecting on his previous reluctance to consider predictive signals from Shiba Inu’s price charts. According to the disclosure, he often overlooked SHIB. However, this changed on Wednesday when he decided to explore Shiba Inu’s chart pattern, which led to the discovery of a promising bullish configuration.
Shiba Inu is a Gold Mine
In particular, Davie disclosed observing a bullish pennant on Shiba Inu’s chart. At this moment, he recognized that Shiba Inu represented a potential gold mine that had been under his radar all along.
Its funny. I never gave $SHIB a look until yesterday. I always dismiss it thinking it was some doge derivative coin. It wasn't until I saw the chart and the beautiful bullish pennant that I realized this is a potential gold mine sitting in front of me. https://t.co/98OkiD3D8S
— davie satoshi (@NFTdavie) May 16, 2024
Notably, a bullish pennant formation indicates a potential continuation of an upward trend in the price of an asset. It resembles a small symmetrical triangle that appears during a strong uptrend, with the price consolidating briefly before breaking out and continuing its upward movement.
The chart accompanying the analysis depicts Shiba Inu’s pronounced downtrend since it hit $0.000045 in March. The pattern precisely illustrates the converging candlesticks following the significant price rise for Shiba Inu. Now, it suggests Shiba Inu is primed to resume its previous bullish momentum.
SHIB Headed for $0.00005 Price Target
Davie emphasized that the short-term upside from the observation appears promising, noting he feels underexposed with his current SHIB holding. He projected Shiba Inu surpassing $0.00005 the price level when the bulls re-emerged.
With SHIB presently at $0.00002475, the target suggests a potential 102% short-term rally in sight.
Higher Targets in Sight
However, X user Bunny Boy argued Shiba Inu may witness an even more substantial 600% in this projected second-phase rally. Moreover, this commenter proposed that the outlook could materialize within the next three weeks.
Notably, this bold forecast takes inspiration from the trajectory Shiba Inu printed in the first phase. In particular, SHIB surged by 373% in less than ten days between late February and early March.
Meanwhile, Davie is not the only analyst who has recognized the bullish pennant formation on the Shiba Inu chart. Market watcher Eunice Wong recently made similar suggestions a few weeks ago but proposed a 409% that takes SHIB to $0.000125.
At press time, Shiba Inu trades at $0.00002475, dipping by 2.5% over the past day. Conversely, SHIB preserves a 6% gain from the Bitcoin-influenced rally of the last 48 hours.