Renowned cryptocurrency analyst Alan Santana has shared an updated trading outlook for Shiba Inu (SHIB) against Tether (USDT), presenting a positive forecast based on recent technical indicators.
In his tweet, Santana emphasized the importance of maintaining patience in the volatile cryptocurrency market while noting key support levels and potential upside targets for SHIBUSDT.
#ShibaInu #SHIB #SHIBUSDT | #Altcoins
📈 Shiba Inu Trading UpdateWeekly price action continues to happen safely above support.
As long as SHIBUSDT trades above our "baseline," we can expect to see more growth. We should see an advance soon but the market is unpredictable.… pic.twitter.com/ZfmXosPJLv
— Alan Santana (@lamatrades1111) December 8, 2024
Key Observations
Santana’s analysis identifies the “baseline” support level at approximately 0.000020101 USDT as a critical threshold for Shiba Inu’s price action. As long as the asset remains above this level, he expects continued growth in the coming weeks and months. This stability above the baseline underpins his optimistic view of the coin’s future trajectory.
The weekly chart reveals a clear pattern of consolidation followed by upward movement. Santana highlights that Shiba Inu has recently broken out of a long-term descending triangle pattern, a bullish signal for the asset. He further notes that the breakout has been supported by increased trading volume, indicating growing market interest.
Projected Growth
According to Santana’s projections, Shiba Inu could achieve substantial gains from its current position. The chart indicates three key upside targets:
105% Growth: The first target is set at 0.000056586 USDT, representing a potential doubling of SHIB’s value.
410% Growth: The next significant level is projected at 0.000139568 USDT, suggesting a fourfold increase in price.
724% Growth: The final long-term target is marked at 0.000225464 USDT, which would signify a remarkable sevenfold rise.
These targets align with historical resistance levels and Fibonacci extensions, supporting their validity in technical analysis.
Market Timing
While Santana acknowledges the uncertainty of market timing, he suggests that the next upward move could begin within a few days or take up to 1-2 weeks. He emphasizes the unpredictable nature of the cryptocurrency market, advising traders to exercise patience and maintain a disciplined approach.
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Broader Implications
Shiba Inu has garnered significant attention in the cryptocurrency space due to its strong community support and development initiatives. Its price movements are often influenced by broader market trends, developments within the Shiba Inu ecosystem, and sentiment-driven trading. As SHIB holds above critical support levels, the potential for substantial gains could attract more investors.
Santana concludes his analysis by thanking his followers for their support and reminding them to approach trading with a calm mindset.
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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