Experts believe Shiba Inu (SHIB) is reversing its multi-year bearish trend, with several analysts anticipating a run toward its all-time high. After struggling to keep pace with other meme coins in recent months, SHIB is now showing signs of a significant breakout.
Shiba Inu’s Downtrend Nears an End
Technical analyst “The Krypto King” recently announced on X that Shiba Inu’s prolonged downtrend, which began in late 2021, is coming to a close. He emphasized that SHIB is breaking out of its three-year bearish phase, potentially setting the stage for a substantial price surge.
According to the analyst’s projections, SHIB could see at least 178% gains, adding approximately $0.00005602 to its market price. If this prediction materializes, SHIB could reach its all-time high of $0.00008645, last seen during its historic bull run.
$SHIB Is breaking out of a 4-year downtrend
The next stop will be ATH pic.twitter.com/skquLN9MwI
— The Krypto King 👑 (@thekryptoking_) December 1, 2024
Recent Price Movements
Shiba Inu’s price movement in December has been notably stronger than in previous months. On the day of “The Krypto King’s” forecast, SHIB traded at a low of $0.0000267 but later surged by 24% to $0.000038. Despite a brief pullback to $0.000027, the token quickly reclaimed the $0.00003 range.
Currently trading at $0.00003206, SHIB has posted a 10% weekly gain, making it the top-performing meme coin in the market. In comparison, competitors such as Dogecoin, PEPE, FLOKI, and BONK reported modest weekly increases of less than 4%.
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Anticipated Market Moves
Market watchers widely believe that SHIB is gearing up for a major price movement. Some analysts link this expectation to Ethereum’s recent breakout past the $4,000 mark, which could trigger positive momentum across the broader crypto market.
Commentator “JD Updates” suggested that Ethereum’s strong performance might inspire a similar surge in SHIB’s value. Many traders are optimistic that the meme token could follow Ethereum’s lead as bullish sentiment builds.
Path to a New All-Time High
To sustain its upward trajectory, the token must overcome critical resistance levels. Analysts like Shib Spain believe surpassing the $0.000033 threshold would signal a significant bullish breakout. SHIB previously faced rejection at this level on December 1, underscoring its importance in the token’s price action.
Overall, the growing consensus among analysts points to a promising outlook for Shiba Inu. As the broader crypto market continues to heat up, SHIB could be on the verge of reclaiming its place among the top-performing digital assets.
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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