Shib Knight (@army_shiba), a prominent analyst within the Shiba Inu community, has offered a bullish outlook for SHIB. His prediction suggests a significant price increase in the coming months, potentially reaching a new high not seen in over two years.
Shib Knight identified a crucial resistance level that Shiba Inu (SHIB) has struggled to overcome since August 2022. This information is further supported by a weekly chart highlighting the asset’s repeated attempts to break through this barrier.
$SHIB can't break this resistance since August '22.
You can check the arrows for the breakout attempts.
Chart has been forming higher lows since June '23, and market is really good. It is close to break the resistance this time.
First target is 0.000022. Keep in mind that this… pic.twitter.com/57VuPRcJQ0
— $SHIB KNIGHT (@army_shiba) February 25, 2024
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Positive Momentum and Upcoming Breakout
While acknowledging the lack of significant breakouts despite recent favorable market conditions, the analyst expresses optimism that Shiba Inu will finally surpass this resistance point. He emphasizes that the asset has consistently formed higher lows since June 2023, indicating positive momentum despite the absence of major price movements.
Price Prediction and Potential Timeline
Shib Knight’s analysis, based on the weekly chart, suggests promising prospects for the coming months. The analyst wrote, “First target is 0.000022. Keep in mind that this is weekly chart. So, following months are promising.”
He predicts that a successful breakout could trigger an initial rally towards $0.000022, marking a significant increase from the current price of $0.00001024. However, the analyst refrains from providing a specific timeline for this potential price target.
Reaching $0.000022 would represent a remarkable 115% surge, surpassing the previous high of April 2022, and potentially setting it on the path toward its all-time high of $0.00008845.
After a recent bullish post from Shytoshi Kusama, Shiba Inu’s lead developer, the potential for a surge like this has generated excitement among Shiba Inu enthusiasts, many of whom are closely monitoring the asset’s price movements.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Shiba Inu Burn Surges 499,416% in 24 Hours as SHIB Nears Breakout Point
Additional Considerations and an Impending Surge
It is important to acknowledge that cryptocurrency markets are volatile, and unforeseen factors can significantly impact price movements. This applies especially to meme coins, and while Shib Knight’s analysis offers a potential scenario, SHIB might not reach that target. However, this volatility extends both ways, and the digital asset could climb farther than Shib Knight expects.
Despite the recent downtrend, Shib Knight’s prediction provides a counterpoint, offering a potentially optimistic outlook for Shiba Inu in the coming months. Other analysts also believe that a SHIB breakout is imminent, and Shib Knight’s emphasis on historical price movements and positive momentum, coupled with the potential for a significant price increase, has garnered positive attention within the Shiba Inu community.
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