Per multiple sources, Shiba Inu has been projected to achieve remarkable price highs soon, which could be said to be a testimony of the canine-themed coin’s resilience over the past few years.
In one of the most recent price projections, Captain Fabik, a renowned crypto market analyst, took to X to make a bold projection of SHIB undergoing a rally that would see it spike 100% by mid-December.
Adding Shiba Inu (SHIB) price charts to his analysis, the crypto analyst noted that Shiba Inu just escaped a significant trendline and is currently facing a retest.
#SHIBA $SHIB has broken out of a Major Trendline and is currently undergoing a Retest.— Captain Faibik (@CryptoFaibik) November 15, 2023
If the retest is successful, we might witness a Bullish Rally up to 2x by mid-December. 🚀 https://t.co/xwmUbRSdVp pic.twitter.com/L9bwnm4TKb
A Breakdown Of Fabik’s Latest Analysis
According to the price chart attached to Fabik’s tweet, SHIB has successfully exceeded the resistance around the $0.00000839 price level, which ushered it into a retest phase.
The crypto analyst noted that should the retest be successful, a 100% surge in SHIB’s price becomes a possibility. This suggests that the token would be worth approximately $0.00001678 by mid-December.
Possibility Of The Projection Playing Out
Citing previous price trends, the last time SHIB succeeded in nearing a price level around $0.00001678 was in August 2022 after a transient bull run.
Since the rally in 2022, SHIB has always struggled to break above the $0.00001 resistance level. According to data from CoinGecko, Shiba Inu has been down by 0.9% in the past year.
However, the token has been impressive in the past few weeks, registering a 30.8% increment in value within a month interval.
At the time of writing, SHIB is changing hands at $0.00000908 with a market capitalization of $5,321,034,372 and a trading volume of $338,070,041. These are impressive indices that depict growth potential in terms of price. It is left to see what becomes of the token in December.
Telegaon Price Forecasts Appear To Tally With Fabik’s Analysis
Per one of our previous news articles, Talegaon, a renowned crypto price analytics platform, waded into the SHIB price debate, highlighting some specific price targets for the token in the long run.
According to Talegaon, SHIB could attain minimum and maximum prices of $0.0000122 and $0.0000316, respectively. These values fall within a similar range of price projections by Fabik, implying that the projection might not necessarily be a mere fluke.
While this insight seems to be projecting a bright future for Shiba Inu, readers are enjoined to do research and relevant investigations before investing in the project.