Shiba Inu (SHIB), the popular meme coin, has clawed its way out of a two-month downtrend, sparking speculation of a potential price surge ranging from 53% to 73%. This bullish outlook comes amid positive signs in the broader crypto market, particularly the recent recovery of Bitcoin (BTC).
Crypto analyst Crypto Rand (@crypto_rand) identified the bullish breakout in a recent price analysis, highlighting SHIB’s remarkable performance supported by the crypto market’s upward trajectory.
The chart accompanying the analysis confirms that Shiba Inu had been trading below a downward trendline since December 2023’s peak. However, the SHIB price has broken out from beneath that line and is currently trading at $0.000009455, up 0.88% over the last 24 hours.
$SHIB looking amazing here after the bullish breakout: pic.twitter.com/NpaKJCYdKG
— Crypto Rand (@crypto_rand) February 9, 2024
Historical Breakouts
Data from Crypto Rand’s charts reveals two similar downtrends SHIB experienced in the past year. The first formed after February 2023’s high of $0.00001575 and held SHIB down until June 2023’s breakout, which was followed by a 53% rally to $0.00001136 in August 2023. The second downtrend, established after the August peak, was breached in October 2023, leading to an approximately 73% surge to December’s high of $0.00001195.
Potential Price Targets
Google Bard recently predicted a chance for SHIB to surge by the end of February, and based on these historical precedents, analysts anticipate a similar upward movement now that SHIB has broken free from the third downtrend. Price targets range from 53% to 73%, translating to $0.00001447 and $0.00001636, respectively, from the current price of $0.000009455.
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Crucial Factors Affecting Shiba Inu (SHIB) Journey
Achieving these targets hinges on several key factors. Firstly, the overall direction of the crypto market, heavily influenced by Bitcoin’s performance, will play a significant role. Secondly, SHIB’s native ecosystem requires sustained bullish sentiment to fuel the predicted price increase.
While SHIB’s meme coin status might make some dismiss it, the ongoing development efforts within its ecosystem have made it a force to be reckoned with in the crypto space. The Shibarium Layer-2 blockchain, designed to address scalability challenges, is a notable example. Recognizing these developments alongside technical analysis provides a more comprehensive understanding of SHIB’s potential.
Will Shiba Inu (SHIB) Surge?
Shiba Inu’s recent breakout shows its potential to rise. If historical patterns hold, Shiba Inu (SHIB) could be on its way up very soon. However, a 53% to 73% surge is insignificant compared to a recent analysis by a panel of experts, who say SHIB has the potential to see a 1,000% price surge.
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