Shiba Inu (SHIB), the popular meme coin, is attracting attention from market analysts who predict a significant price surge. This comes after a recent market downturn and amidst Bitcoin’s (BTC) resurgence above $72,000.
Analysts point to a symmetrical triangle formation on SHIB’s price charts across multiple timeframes, suggesting a potential breakout. This technical indicator often precedes a major price move.
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Eyes on the Prize: $0.000049 to $0.0001
World of Charts, a prominent analyst, identified a symmetrical triangle in the 4-hour timeframe. SHIB’s recent climb above $0.000029 is seen as a retest of the triangle’s upper trendline, potentially leading to a breakout. This scenario could trigger a 71% increase, pushing SHIB to a new yearly high of $0.00004941.
On Verge Of Solid Breakout Formed Bullish Pennant In H4 Timeframe Successful Breakout Can Lead 60-65% Bullish Wave In #SHIB #Crypto pic.twitter.com/bMoXUMJPWQ
— World Of Charts (@WorldOfCharts1) April 7, 2024
Similar predictions emerge from Crypto King, who focuses on the daily timeframe. He anticipates a breakout from the daily chart’s triangle, leading to a price explosion for SHIB due to its “OG meme status” and potential for increased trading volume.
Breaking the Mold: Crypto Sheriff’s Ambitious Target
Crypto Sheriff joins the chorus, highlighting the daily chart’s triangle breakout and a subsequent 3% price gain for SHIB. He takes the most bullish stance, projecting a surge to the $0.0001 price territory.
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This ambitious target finds support from other figures within the crypto community. Shiba Inu’s lead developer, Shytoshi Kusama, believes a $0.00012 forecast is an underestimate. Crypto influencer Oscar Ramos expresses unwavering confidence in SHIB reaching $0.0001.
#SHIB Update | Breakout is happened!📈 https://t.co/e3cjDZvKyq pic.twitter.com/603MMrDQ7d
— CRYPTO SHERIFF (@Gem_Sheriff) April 8, 2024
Analyst Michael: Echoing the Bullish Sentiment
Analyst Michael adds to the optimistic outlook, predicting that SHIB’s fifth Elliott Wave could propel it to $0.0001019. Considering SHIB’s impressive 180% year-to-date gain, a 243% rise to reach $0.0001 seems achievable.
A Word of Caution
While the predictions are exciting for SHIB holders, it’s crucial to remember that cryptocurrency markets are inherently volatile. Investors should always conduct their research before making investment decisions.