Shiba Inu (SHIB) has been under scrutiny by analysts due to the recent crypto market slump, and its failure to meet expectations in recent months. However, one TradingView analyst, Abmoon, remains confident in his previously established price targets for SHIB, with the ultimate goal of $0.000165.
In November 2023, when SHIB struggled to surpass $0.00001, Abmoon outlined a series of six ambitious targets. Despite the meme coin’s sluggish performance, Abmoon exhibited unwavering conviction and initiated a trade based on these price points. The entry zone for this trade ranged from $0.00000755 to $0.00001018.
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The first target represented a significant increase of 163% from the prevailing price. It was set within a range of $0.00002629 to $0.00002825. Abmoon subsequently established a second target between $0.00003778 and $0.0000399, signifying a potential return of 272%.
Lofty Shiba Inu (SHIB) Targets
As the analyst’s projections continued, a more substantial price surge was anticipated, with a target range of $0.000065 to $0.00006773, reflecting a remarkable 545% increase. The fourth target was set even higher, at $0.0000869 to $0.0000924, representing a potential rise of 757%.
Abmoon’s vision for SHIB culminated in a fifth target of $0.000124 to $0.00013, followed by a sixth and final target with a minimum threshold of $0.0001606. The ultimate price target for this ongoing trade is $0.000165, which translates to an almost 1,000% increase in November price and an 862.6% increase from its current price of $0.00001714.
Shiba Inu’s 17.66% climb over the past 24 hours has improved investor confidence. The meme coin has regained its losses from July 5 and could be on the way to these lofty targets.
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Read Also: Analyst Predicts How High SHIB Price Could Rise If Bitcoin Hits $150,000
What’s Next for Shiba Inu (SHIB)?
It’s important to acknowledge that this trade has been ongoing for over eight months. While the meme coin reached some of the initial targets during a bullish period in early March, when SHIB surged to $0.000045, the coin has since fallen back due to the broader market downturn.
However, Abmoon remains undeterred and expresses confidence in a potential price recovery for SHIB. The meme coin is just below the 20-day SMA (Simple Moving Average) at $0.00001715, and could soon climb further. The next target for SHIB is the $0.00002 level, and ChatGPT believes it can reach this target by July 31.
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. Times Tabloid is not responsible for any financial losses.
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