Shiba Inu Price Prediction: Crypto Analyst Says Massive Surge Is Coming, Here’s The Target
06 Maio 2024 - 6:00PM
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Shiba Inu has rebounded by over 19% from its $0.00002081 price
point at the beginning of the month. Current price action shows the
cryptocurrency might be on its way to performing an interesting
price surge in the coming weeks. According to one crypto
analyst, SHIB could actually go on a 120% price surge after
breaking out of the current consolidation. Crypto Analyst Says
Massive Surge Coming SHIB kickstarted a price correction
immediately after reaching 0.00003556 in early March. Bullish
investor sentiment surrounding the meme cryptocurrency at the time
quickly changed into a bearish one. This pushed SHIB on a decline
that bottomed out at $0.00002117 in the middle of April, indicating
a 40% price correction in those two months. Interestingly, this was
the worst SHIB price decline since the May 2022 collapse of the
Terra ecosystem. Related Reading: Why Did The Solana (SOL) Price
Jump Today? As noted on the 8-hour timeframe chart shared on social
media platform X by crypto analyst World Of Charts, SHIB has
been on a consolidation channel for the past two months. However,
the analyst foresees a bullish breakout to create a strong bullish
wave that’s going to send SHIB holders on a profit margin between
100% and 120%. $Shib Consolidating In Bullish Flag In H8 Timeframe
Incase Of Successful Breakout Expecting Solid Bullish Wave
Expecting 100-120% Bullish Wave#Crypto #Shib
pic.twitter.com/vfLClaexvu — World Of Charts (@WorldOfCharts1) May
3, 2024 Interestingly, a further look into the chart shared by
World Of Charts shows that the analyst is open to a higher price
surge over a longer period of time. The last price target indicated
on the chart is $0.00009500, which is a 280% target from the
current price levels. Can Shiba Inu Push Higher? Shiba Inu
recently formed a higher low on the weekly timeframe, an indicator
that the bulls might be starting to gain the upper hand. Despite
the past decline, over 56% of SHIB holders remained in profit as
many long-term holders opted to hold on to their tokens. At the
time of writing, SHIB is trading at $0.00002489 and is up by 6.4%
in the past seven days. This price increase has seen the number of
SHIB holders in profit rising concurrently to 61%. Related Reading:
Bitcoin Relative Strength Jumps To 40%: 10x Research Reveals Next
Steps From Here Many addresses that just moved into profit margin
are not taking profit indicating that majority of investors are
anticipating a price increase in May. One catalyst that could lead
to a further price increase is the recent partnership between
PayPal and MoonPay which will allow PayPal users within the United
States to buy the dog-themed cryptocurrency easily. Popular crypto
analyst Ali Martinez also predicted a SHIB price surge based on a
bull flag that has recently appeared on the token’s price chart.
SHIB falls after brief recovery | Source: SHIBUSDT on
Tradingview.com Featured image from Times Tabloid, chart from
Tradingview.com
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