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While Shiba Inu is experiencing a 10% decline today, a bold analyst has argued that SHIB could double to near its all-time high soon.
Amid the ongoing market downturn, bullish outlooks continue to flood the space as proponents expect the market momentum to continue well into 2025. In the latest instance, one analyst has suggested that Shiba Inu (SHIB) could be on the brink of a powerful rally.
Shiba Inu Price at a Key Level
According to market analyst “PouyanTradeFX,” the price of Shiba Inu (SHIB) is at a critical level.
In an analysis shared on TradingView on Thursday, PouyanTradeFX opined that SHIB is testing a trendline that has hounded it since 2021.
Per a weekly candle chart shared by the analyst, the meme coin first entered this downtrend after it hit its all-time high of $0.00008616 in October 2021 and first revisited it in March 2024 when it surged to a high of $0.00004567.
According to PouyanTradeFX, SHIB could surge over 150% from current prices around $0.00002795 to highs around $0.000074 if it manages to break this years-long downtrend. On the other hand, the analyst noted that the token risked a 62% free fall to $0.000011 should the trendline hold.
PouyanTradeFX is one of many analysts who have shared a bullish outlook on SHIB in the past few days.
SHIB Price Set to Erase Another Zero?
On Tuesday, December 11, “Crypto ELITES” shared an analysis suggesting that SHIB’s price could be set to erase another zero. Specifically, the analyst contended that the token’s price looked set to surge nearly 1,700% from current prices to about $0.00047905, citing a cup and handle chart pattern on the asset’s weekly chart.
The analyst noted a key metric that could support this rally is a continued decline in Bitcoin Dominance, signaling a rotation of capital from the digital asset market leader to altcoins and memes. Bitcoin Dominance has fallen sharply from highs of 61.5% in November to 56.5% at the time of writing.
The recent bullish views around SHIB come despite its 200% price gain over the past year.