The cryptocurrency market is optimistic as investors anticipate new highs for top assets. Among them, Shiba Inu (SHIB) has gained attention from analysts forecasting significant price gains in the current market cycle.
Shiba Inu Expected to Break Previous Record
A notable market analyst, Crypto Sheriff, has predicted that Shiba Inu could surpass its all-time high of $0.00008616, achieved during the 2020/2021 market cycle. In a post shared on December 15, the analyst stated that the outcome is inevitable, emphasizing the coin’s potential in the ongoing bullish trend.
It is inevitable that #SHIB will break down ATH in this supercycle!💥🚀 pic.twitter.com/owuMMgpwoh
— CRYPTO SHERIFF (@Gem_Sheriff) December 15, 2024
This prediction follows the asset’s impressive performance in November 2024, where the token rallied approximately 98% after the U.S. presidential election. Many believe Donald Trump’s victory signaled a crypto-friendly shift in U.S. policy, contributing to the token’s rise from $0.00001687 to $0.00003343. Meanwhile, the asset has retraced some gains and is trading at $0.00002682.
Analysts Highlight Shiba Inu (SHIB) Bullish Patterns
While Crypto Sheriff maintains a positive outlook, other analysts have provided additional technical insights supporting the possibility of a significant price increase. On December 10, CryptoELITES identified a bullish cup-and-handle formation on Shiba Inu’s weekly chart.
The analyst noted that if the token breaks above a long-standing downtrend line, it could potentially reach $0.0004729, marking a 1,700% increase from its current value.
The downtrend, which has acted as a resistance level since October 2021, is considered a critical barrier. According to CryptoELITES, breaking through this resistance would confirm the bullish pattern and set the stage for a sustained upward trend.
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Risk of Downside Movement
Despite the optimism, some analysts have highlighted potential risks. As earlier reported by Times Tabloid, market commentator PouyanTradeFX warned that if Shiba Inu fails to overcome the downtrend, the token could significantly decline. In this scenario, prices might drop by as much as 150%, bringing SHIB to the $0.000011 range.
Such contrasting analyses underscore the importance of closely monitoring technical indicators and market conditions. While many remain bullish, the outcome will largely depend on how the asset performs in the face of these key resistance levels.
The asset’s recent performance and technical setups have fueled speculation about its potential to reach new highs. Analysts like Crypto Sheriff and CryptoELITES are optimistic about the token’s future, while others urge caution, emphasizing the importance of breaking resistance levels to confirm a bullish trend.
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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