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A leading analyst has projected that Shiba Inu could see a 400% rally to $0.000074, driven by recent price action and technical indicators.
Shiba Inu has been experiencing a mild upswing in recent days. It is now trading at $0.00001834 after briefly touching the $0.000016 range last week.
While Shiba Inu’s gains are lower compared to some other popular meme tokens, analysts believe the second-largest meme coin is gearing up for a major rally.
A TradingView analyst recently asserted that now is a prime time to open a long position for Shiba Inu. The analyst first acknowledged the struggles of long-term holders, noting that Shiba Inu has tanked by 75% since March.
While this correction has hurt those who entered the SHIB market at $0.000045 seven months ago, the analyst stated that several reasons now exist to be bullish on Shiba Inu. These include recent price action, RSI resistance breakouts, trend reversals, and the formation of higher highs with flag breakouts.
Shiba Inu Can Rally by 400% to $0.000074
Indeed, Shiba Inu has seen significant gains over the last 30 days, boasting a 32% increase from the lower range of $0.000013 it witnessed in September. Shiba Inu’s prolonged downtrend reversed in late September when it saw nearly 50% price growth within two days.
This surprising price action has revived optimism around SHIB. Meanwhile, as Shiba Inu corrected its late September gains in October, analysts project that a second phase of the upswing is just around the corner.
Specifically, the TradingView analyst stated that the next impulsive move for Shiba Inu could drive its price to the $0.000074 area, indicating a potential 400% increase.
Notably, this projected increase would mirror what occurred between February and March, when Shiba Inu experienced approximately a 4X gain to reach a three-year high at $0.000045.
However, the analyst acknowledged the possibility of Shiba Inu’s price correction further.
Shiba Inu Resistance to Watch
In a separate analysis on TradingView, market watcher Klejdi Cuni weighed in on the resistance targets Shiba Inu must overcome before attempting to reach $0.000074.
Cuni acknowledged that Shiba Inu is primed for another major rally. However, he believes SHIB faces significant resistance ahead.
The immediate resistance is at $0.00001865. At the time of the update, SHIB traded around $0.00001796 but has since surpassed this highlighted resistance. As of this report, Shiba Inu has already established an intraday high at $0.00001893, coming close to reclaiming $0.000019.
Looking ahead, Shiba Inu faces its next resistance levels at $0.00001969 and $0.00002094.
It’s worth noting that Shiba Inu previously cleared these obstacles within a 24-hour window last month. Specifically, SHIB surged from a low of $0.00001494 on September 26 to $0.00002146 by the next day, highlighting the meme coin’s ability to overcome significant hurdles when its bull run commences.