Shiba Inu (SHIB) has caught the eye of analysts recently, with some predicting a significant price increase. SHIB Knight, a popular community analyst, identified a potential upswing based on technical indicators.
SHIB Daily Chart Analysis
SHIB Knight analyzed the daily chart, highlighting a pattern of descending candles. While this suggests a downtrend since early March’s peak of $0.000045, the analyst believes a reversal is imminent.
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Rally and Reversal
March saw a remarkable surge in SHIB’s value, with a nearly fourfold increase in under two weeks. However, a subsequent bear takeover pushed the price down. The current chart pattern, according to SHIB Knight, signifies the end of the downtrend and the start of a potential rebound.
Bullish Target and Community Support
SHIB Knight projects a bullish target of $0.000055, a potential 115.7% increase from the price at the time of his analysis ($0.000027). This optimistic outlook is echoed by other analysts like Prof Noan, who suggests profit-taking targets in an upswing scenario. However, both analysts haven’t provided a timeframe for their predictions.
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Market Volatility and Bearish Concerns
Despite the bullish sentiment, SHIB has experienced a recent dip. The broader market correction led by Bitcoin dragged SHIB down by 8.5% in the last 24 hours, bringing its price to $0.00002493. Prof Noan warns of a potential further decline towards $0.00002244, advising investors to exit at that point.
Positive Signs Despite Challenges
While facing bearish pressure, SHIB is currently trading at price levels not seen for two years. This indicates a potential for growth despite the short-term volatility. Investors should closely monitor market conditions and conduct their research before making any investment decisions.