Despite a 10% dip in Shiba Inu’s (SHIB) price recently, optimism remains strong among analysts who foresee a substantial rally for the token. Predictions suggest that SHIB could rise significantly, approaching its previous all-time high.
Market analyst PouyanTradeFX has identified a crucial price level for SHIB that could determine its next significant move. According to a recent analysis shared on TradingView, the token is currently testing a longstanding trendline that has influenced its price movements since 2021.
The weekly chart shows that the asset has been in a persistent downtrend since reaching its all-time high of $0.00008616 in October 2021. The token briefly challenged this trendline in March 2024 when it reached $0.00004567.
Currently trading at $0.00002822, the digital asset could see a remarkable 163% surge to approximately $0.000074 if it breaks through this resistance level. However, failure to breach the trendline could result in a significant 62% drop to around $0.000011, the analyst warned.
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PouyanTradeFX’s analysis is part of a broader wave of bullish predictions for the token, even as the cryptocurrency market faces broader challenges.
Potential to Erase Another Zero
Another analyst, Crypto ELITES, has presented an even more ambitious outlook for SHIB. On December 11, they highlighted the possibility of the token climbing nearly 1,700% to reach $0.00047905, supported by a cup-and-handle pattern observed on its weekly chart.
This optimistic forecast hinges on the continued decline of Bitcoin Dominance, which reflects the share of the total market capitalization held by Bitcoin. Bitcoin Dominance has dropped from 61.5% in November to 56.5% currently, indicating a potential shift of capital from Bitcoin to altcoins and meme coins.
Recent Performance and Market Sentiment
Shiba Inu has experienced a notable price increase of 200% over the past year, demonstrating strong performance compared to many other cryptocurrencies. Despite the current decline, analysts remain confident that the asset is well-positioned for future growth.
As market conditions evolve, the asset’s ability to overcome key resistance levels will likely determine whether these optimistic projections materialize. While substantial gains are possible, investors should also be cautious of the risks highlighted by analysts.
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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