With the crypto market rebounding from a steep fall yesterday, a top market analyst predicts that Shiba Inu will target a massive 235% surge to a new yearly peak.
For context, crypto enthusiasts saw a scare yesterday after Bitcoin dropped over 10% in two days to around $93,000. The capsize catalyzed an altcoin market bleed, with Shiba Inu retesting the major support around $0.0002.
However, the doggy-themed token has shown resilience, rebounding strongly from support. Shiba Inu is up 28% from its low of $0.0000185 yesterday, gaining 6% this morning to trade above $0.000238.
Analyst Expects Further Upsides
Meanwhile, notable market analyst Dollars Maker has maintained that Shiba Inu has more upsides from here. In a recent TradingView commentary, the pseudonymous trader noted that he would open a long position, with entry around the Dec. 20 price lows.
Furthermore, he predicted three upside targets for Shiba Inu, including a 235% surge to $0.00005816. However, he did not provide a timeline for its actualization.
Dollars Maker speculated that Shiba Inu would chase its first target, a 92% uptick to $0.00003339. Furthermore, the meme coin will target a 163% surge to $0.00004566 before ultimately spiking 235% to $0.00005816. This third target would mark a new yearly peak for SHIB, surpassing the March 2024 high of $0.000045.
Shiba Inu Analysis
Analyst Expects Higher Prices
Meanwhile, commentaries from other analysts show that Shiba Inu will target higher prices in the short term. One of the analysts is Klejdi Cuni, who believes that Shiba Inu is showing promising signs.
The market commentator asserted that the positive vibes around the Shiba Inu ecosystem will drive the token to $0.000070 imminently. He speculated that the prolonged accumulation near the $0.00002424 support would provide the momentum needed to push the meme coin to the price target.
Moreover, Pouyan TradeFX shares a similar option, insisting that Shiba Inu is up for a power push to $0.000074. The analyst noted that Shiba Inu could break the multi-year trendline impeding its surge to higher prices and ultimately target an over 100% uptick.
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