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Crypto analyst MMBTtrader insists that Shiba Inu has further uptrend prospects, expecting a 100% surge to levels last seen in early March.
Bitcoin’s bullish pull has overshadowed Shiba Inu’s gradual price uptrend. For context, Bitcoin reclaimed $69,000 on Friday but could not sustain the uptrend, settling still above $68,000.
Notably, the premier crypto asset has surged over 9% in the past seven days, outperforming all crypto assets in the top 13 rankings, except Dogecoin, which is up 30% in the same timeframe.
But Shiba Inu has not performed badly, either. The dog-themed memecoin has appreciated 8.18% in the past week despite Bitcoin’s surging market dominance.
Meanwhile, analyst MMBTtrader has asserted a further bullish push in the Shiba Inu price, targeting a 100% surge to $0.00003852. The market commentator noted that he expects SHIB to reach his price target and surge even further, citing bullish momentum on the token’s chart.
Shiba Inu Poised for a 100% Surge
In MMBTtrader’s TradingView analysis, he noted that Shiba Inu has surged 100% from his support at $0.000011 on the daily timeframe. Notably, the altcoin approached the price range in early August and September before bouncing from the demand zone.
The analyst earlier noted that SHIB would surge 200% from support, targeting $0.00003852. Notably, SHIB has trended upwards from the analyst’s support to its current price of $0.00001925, representing a 75% uptick.
With SHIB already 75% from MMBTtrader’s entry price, he insisted that the meme coin still has sufficient bullish momentum to reach his target and even surge to higher prices.
However, the analyst’s chart shows he does not expect a linear price thrust to $0.00003852. According to his chart, SHIB will surge in higher highs and higher lows, first with an uptrend to May’s highs at $0.000028, then a correction to September’s highs at $0.000021 before a push to his final price target.
Analyst Presents Conflicting Price Speculation
While MMBTtrader expects a bullish push to $0.00003852 for SHIB, another analyst shares a conflicting price outlook. Analyst SwallowPremium asserted that Shiba Inu will continue its bullish uptrend to September’s highs at $0.0000216, followed by a 35% correction to $0.000014075.
The market speculator noted that the price analysis would be confirmed if SHIB falls to $0.0000195 after the rejection at $0.0000216. He stated that the $0.0000195 region was the ideal zone to open a short position, expecting a further downtrend.
However, his analysis warns that the token will surge to higher prices if it trends above the $0.0000216 zone. Notably, this price assertion correlates with another speculation by analyst Jack.
In an analysis, Jack’s chart suggested that Shiba Inu will push to $0.000027 if it successfully withstands the $0.0000216 resistance. Notably, the meme coin was rejected at the resistance in late September.
Meanwhile, SHIB trades almost 11% away from the resistance at press time, exchanging hands at $0.00001925 at press time.