Shiba Inu (SHIB) displays modest price movements, leaving holders awaiting significant gains. Despite recent underperformance compared to other meme coins and altcoins, technical indicators suggest a bullish trend may take shape.
As of now, the asset is trading at $0.00002453, reflecting a 7% decline over the past week. According to market analyst Klejdi Cuni, SHIB is exhibiting signs of an upward breakout, backed by key technical patterns observed on its daily chart.
Daily Chart Shows Potential Bullish Pattern
Klejdi Cuni, a prominent analyst on TradingView, has pointed out encouraging signals for Shiba Inu on its daily price chart. Since September, the asset has demonstrated a gradual upward trend, characterized by higher highs. This movement forms what Cuni describes as an oval pattern—a structure often indicative of bullish momentum.
One critical factor highlighted by Cuni is Shiba Inu’s ability to maintain strong support around the $0.00002424 level. This price range has held steady for approximately a month, signaling a consolidation phase. The analyst interprets this as evidence of accumulation, suggesting that buyers are gradually positioning themselves for a potential rally.
If Shiba Inu successfully breaks out of its consolidation phase, Cuni anticipates several potential price targets. The first target, $0.00003232, would represent a 32% increase from its current price.
The analyst also identifies $0.00004 as a critical resistance level, marking a point that SHIB last reached ten months ago. Reaching this level would translate to a 64% gain from its current position.
Cuni’s third target is $0.00005675, which would mark a significant 132% increase. This price level was last seen during Shiba Inu’s peak in 2021. For the long term, Cuni suggests that SHIB could reach as high as $0.00007012 in the first half of 2025, representing a 187% surge from its current value.
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Broader Market Perspectives
Other analysts have also expressed optimism regarding the token’s future, though the asset has yet to deliver the anticipated breakout. Sherif, a cryptocurrency market commentator, has stated confidence in SHIB surpassing its previous all-time high of $0.00008654 during the current market cycle.
Additionally, an analyst known as CryptoELITES has projected even greater gains for Shiba Inu, forecasting a potential price of $0.0004729, which would effectively cancel a zero from its current value.
This estimate is based on a cup-and-handle pattern observed on the weekly chart, a technical formation often linked to extended bullish trends. If this prediction materializes, it could yield approximately an 18-fold return for current holders.
Potential Risks to Consider
Despite the optimistic outlook, not all analysts are convinced of a guaranteed breakout. One market expert has warned of a potential decline to $0.000011 if Shiba Inu fails to maintain its bullish momentum. Such a move would signal a significant loss for holders and challenge the asset’s recovery prospects in the short term.
While the asset has struggled to match the performance of other cryptocurrencies, signs of accumulation and bullish patterns on its daily chart have led analysts like Klejdi Cuni to predict a potential upward surge.
With multiple price targets ranging from $0.00003232 to $0.00007012, SHIB’s future trajectory will largely depend on its ability to break out of its consolidation phase and overcome key resistance levels.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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