Crypto analyst Ashish recently presented a bullish outlook for Shiba Inu (SHIB) on TradingView, predicting a significant price increase in the coming months. This prediction follows SHIB’s breakout from a prolonged consolidation pattern that lasted nearly two years.
Before December 2023, Shiba Inu had been trading within a consolidation pattern since May 2022. This pattern was characterized by restricted price movement, with a descending trendline as a barrier to upward price action. In December 2023, Ashish anticipated a breakout from this consolidation, suggesting a potential reversal in SHIB’s price trajectory.
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His analysis seemed accurate, as SHIB breached the trendline in late December. However, the following months witnessed significant volatility. The price initially dipped into an accumulation zone before surpassing the $0.000011 mark in late December.
This climb solidified the breakout, but SHIB consolidated around $0.00001 for weeks before a correction sent it below this level. However, a turnaround followed in late February, with a remarkable surge of almost 400% that extended into early March. This uptrend culminated in a yearly high of over $0.00004 on March 5. Notably, this peak significantly exceeded Ashish’s initial breakout target.
Price Predictions and Supporting Indicators
Following the March correction, Ashish established new average buying zones between $0.000022 and $0.000025. Now with the formation of a bullish flag pattern on the 1-hour chart, Ashish anticipates a potential second leg up for SHIB. This flag pattern suggests a continuation of the previous uptrend.
Other analysts share similar optimism. In a recent post, prominent crypto analyst Ali (@ali_charts) spotted a bullish flag and predicted a surge that could send SHIB to $0.000072323. Other analysts have set higher targets for the meme coin based on varying technical indicators, and the consensus is that SHIB is on the verge of a massive rally.
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Shiba Inu’s Future and Supporting Factors
Ashish maintains his prior prediction of a 600% upswing for SHIB. This would translate to a price target near $0.000075. This target is a little above Ali’s target, and just below SHIB’s all-time high of $0.00008845.
Recent developments, like Coinbase’s announcement of SHIB futures trading for institutional investors, have contributed to a renewed interest in the cryptocurrency. This surge in interest could further bolster the possibility of the anticipated second leg up.
SHIB is trading at $0.0000248, showing a modest 1.44% increase over the past 24 hours. However, a legendary trader recently predicted a 508% surge for SHIB, and it is only a matter of time before the meme coin starts climbing.
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