Shiba Inu (SHIB) has experienced a recent resurgence, buoying the spirits of its holders. After a relative stagnation, SHIB has climbed over 8% in the past week, briefly reaching $0.00002931 before a price correction sent it to its current level of around $0.000025.
SHIB previously traded around the $0.000029 level in March before experiencing a decline that brought it down to its April 13 low of $0.00001853. Since then, the digital token has struggled to gain significant traction until this recent positive trend.
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This positive performance has caught the eye of prominent Bitcoin analyst Davinci Jeremie (@Davincij15). Jeremie believes SHIB is near the beginning of a new bullish phase and presents an opportunity for investors to capitalize. He previously advised accumulating SHIB during the market downturn following the initial price surge in early March, anticipating a breakout after the bearish period.
He believes the breakout from the downtrend will occur between the $0.000025 and $0.00003 range. Jeremie is confident that SHIB is poised to reach $0.00006. This would require over 100% increase from SHIB’s current price and sits just below its all-time high of $0.00008845.
SHIB surged by almost 400% in early March, and with the high expectations of the post-halving surges, the meme coin could smash this record significantly. Notably, SHIB last traded around the $0.00006 mark during the peak of the 2021 bull run.
Jeremie’s bullish outlook on SHIB is not an isolated one. Several other market analysts have independently projected similar price targets for the meme coin. Captain Toblerone, a prominent analyst in the crypto space, recently predicted that SHIB could surge to $0.00045 based on the current Elliott Wave pattern.
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Despite the bullish sentiment, Shiba Inu developers have shared their strategy to prioritize long-term growth over short-term gains. Although analysts have predicted short-term surges, the developers plan for the long term, ensuring the meme coin can preserve these gains and eventually dethrone Dogecoin to become the biggest meme coin.
While the future trajectory of SHIB remains uncertain, the recent bullish performance and optimism from prominent analysts suggest that the meme coin may be on the cusp of further growth. The next few weeks will be intriguing as the crypto market shifts fully into the 2024 bull run.
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