Shiba Inu (SHIB) enthusiasts are excited today as the popular meme coin’s chart throws up some intriguing signals.
The Coach XD (@thedogecoach) shared his analysis on X, delving into SHIB’s monthly trend, and highlighting factors that suggest downside risks are minimal and the meme coin could soon take off.
Read Also: Here’s When Shiba Inu (SHIB) Price Is Projected To Surpass $0.07
He wrote, “Unless we are about to go into oblivion, which I highly doubt, it looks like downside will completely be minimized here and upside is the highest probability.” The analysis hinges on the SHIB chart’s current position.
#SHIB chart shows key information about where we are in the monthly trend.
Unless we are about to go into oblivion, which I highly doubt, it looks like downside will completely be minimised here and upside is the highest probability.
A retest of the previous months open… pic.twitter.com/AfJZY7N4B2
— The Coach 𝕏Đ (@thedogecoach) January 8, 2024
It indicates a possible retest of December’s opening price of $0.000008294, which represents a minor decline from its current price of $0.000009159. He highlighted last month’s opening price as a strong support level.
How High Could Shiba Inu (SHIB) Go?
The analyst did not provide a price target for Shiba Inu (SHIB). However, the overall picture for the meme coin is bullish, as he pointed out that the decline will be minimal, stating that SHIB had a high chance of going up.
He added, “A retest of the previous month’s open price, with strong support and remaining in an uptrend.” He also emphasizes that similar patterns are evident across other charts, bolstering the case for an upward climb.
The analyst doesn’t shy away from acknowledging the inherent risks. He mentioned that there was a small chance that SHIB would “go into oblivion,” highlighting the cryptocurrency market’s volatility. However, the overall sentiment remains firmly optimistic, with the author expressing confidence in SHIB’s ability to weather any short-term dips.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
This technical analysis aligns with broader market sentiment. Shytoshi Kusama, the lead developer of Shiba Inu, recently posted a cryptic tweet that many interpreted as a potential institutional partnership. Growing institutional interest in SHIB could fuel demand and propel the meme coin toward new highs.
Read Also: Analyst Predicts SHIB Next Price Stop As Shiba Inu Burn Rate Skyrockets by 727,870%
However, no investment is without risk. Conducting thorough research is crucial before investing. But for those already holding SHIB or considering trying out the meme coin, this technical analysis offers hope, and the predicted decline could be an entry point for new investors or an opportunity for old investors to accumulate more SHIB tokens.
If the stars align and the chart’s signs prove true, the next chapter in SHIB’s saga could be one for the history books.
Meanwhile, the SHIB team recently tagged 2024 as the year to make Shibarium great. This could hold many good surprises for the SHIB army, and it could be the year the digital asset will soar beyond its price all-time high.
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