The top analyst sees an explosive surge to $0.000043 and targets a 2X profit from Shiba Inu
Following a recent breakout and robust positive indications, an expert projects that Shiba Inu might rise by 200%, possibly approaching its annual peak.
The cryptocurrency is rapidly recovering from the increased bearish momentum that affected it earlier today. In the early hours, the price of SHIB dropped to $0.00001642, but it has since recovered 8.64% to $0.00001784.
The Shiba Inu community is excited about this recovery. Given that previous week's positive trend pushed SHIB near to the $0.00002 price level, bulls now expect the current bounce to continue.
An expert going by the name of "World Of Charts" recently provided an upbeat assessment of Shiba Inu, speculating that its price would double.
Shiba Inu recently broke over a significant resistance trendline, temporarily retested it, and is now likely to break through again, according to the study, which also pointed to a significant turnaround for the asset.
A New Breakout for Shiba Inu at $0.000043
Shiba Inu has already made almost 50% of its profit since the initial breakthrough from its longer, more extensive slump, according to World Of Charts. In just three days, SHIB went from $0.000014 to $0.00002156 in late September, marking this breakout. But a testing in October came after the huge move.
Shiba Inu is currently approaching a descending expanding wedge formation, the analyst noted, and if the breakout is successful, a possible 2x price gain (200% spike) is anticipated.
Notably, once SHIB hit $0.00002156 and then dropped to $0.00001553, the Shiba Inu breakout in late September lost steam. The expert thinks Shiba Inu will, however, break above the $0.000021 resistance this time, maybe gaining ground to the $0.000043 range before letting up once more.
Additional Analysts' Perspectives
In March, Shiba Inu reached the $0.000043 mark, but a few months later, it fell by around 70%. The Shiba Inu community's general opinion, however, indicates that the coin might not lose steam at the $0.000043 mark this time. Instead, a lot of people think it might hit new price levels and surpass its prior all-time highs.
Analyst Javon Marks highlighted in a recent analysis that Shiba Inu is still on track to cross the $0.00008 level. He pointed out that the daily chart still displays a strong bullish pattern that is backed by the RSI.
According to Marks, the overall goal for Shiba Inu is still $0.000081, and the ascent to this level came sooner than most people anticipated.
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