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Shiba Inu Targets 45% Price Explosion

Published

5 months ago

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The anonymous crypto analyst pullbacksignal has published a technical analysis of Shiba Inu (SHIB) via TradingView, which attests to the cryptocurrency a strong upside potential. In the 4-hour chart against Tether (USDT), the Shiba Inu price has formed an inverse head and shoulders pattern, traditionally recognized as a bullish reversal signal following a downtrend.

Shiba Inu Price Eyes 45% Rally

The inverse head and shoulders pattern is marked by three troughs with the middle trough (head) deeper than the flanking ones (shoulders), and it is the opposite of the traditional head and shoulders bearish pattern. The shoulders are ideally of equal depth, and the head is a clear dip below the shoulders.

A key feature of this pattern is the ‘neckline,’ a resistance line drawn by connecting the high points of the two troughs forming the shoulders. A decisive breakout above this neckline is generally perceived as a confirmation of the pattern and signals the start of a potential bullish trend.

In his chart, the crypto analyst highlights this breakout signal. The neckline, drawn in red, has been breached on Saturday, July 13, with a closing price above this line, signaling bullish momentum.

Shiba Inu technical analysis
Shiba Inu technical analysis | Source: TradingView.com

The left shoulder and right shoulder are aligned at approximately $0.000016, framing the head which dips below $0.000013. This dip, followed by a rebound to the second shoulder, completes the formation and sets the stage for potential upward movement.

Notably, the crypto analyst identifies three potential targets post-breakout which investors might aim for. The first target is at $0.0000209, representing an initial resistance level past the breakout point. The second target lies at $0.0000239 and could serve as a mid-term goal for the price following the breach.

The ultimate target at $0.0000285 reflects the full potential of the breakout, equating to an approximate 45% increase from the neckline breakout level.

Moreover, an important element in the chart is the ascending blue trendline. This line, starting from the base of the head and moving upward through the formation of the right shoulder, underpins the bullish sentiment, illustrated by a rising support level.

This trendline not only confirms the higher lows, which align with the bullish reversal pattern, but also serves as a dynamic support that can guide trading decisions. A bounce off this trendline could offer additional buying opportunities, reinforcing confidence in the continuation of the uptrend.

For traders looking to capitalize on this setup, it is essential to manage risk. The analysis suggests a stop loss at $0.0000140. Furthermore, the pullback level marked at $0.0000150 is highlighted as a crucial support area. If the entire market is about to see another major correction, this price could serve as the ultimate “buy-the-dip” level.

At press time, SHIB traded at $0.00001925.

Shiba Inu price
SHIB battles with the 200-day EMA, 1-day chart | Source: SHIBUSD on TradingView.com

Featured image created with DALL·E, chart from TradingView.com



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How High Can Shiba Inu Price Climb If Bitcoin Hits $100,000?

Published

5 days ago

on

November 28, 2024

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The Shiba Inu price is currently witnessing a significant correction alongside Bitcoin. However, crypto analysts have suggested that Shiba Inu can experience a parabolic rally if the flagship crypto were to enjoy a bullish reversal above $100,000.

Shiba Inu Price Could Rally To $0.000037 As Bitcoin Hits $100,000

In an X post, crypto analyst Rose predicted that Shiba Inu could soon rally to as high as $0.000037372. This came as the analyst revealed that the top meme coin is currently trading within a consolidation phase, showing potential for a breakout.

The analyst further mentioned that the accumulation zone lies between $0.00002387 and $0.00002541, providing investors with an opportunity to accumulate in this range. In line with this, Rose stated if the Shiba Inu price breaks above this resistance, the next targets for SHIB are $0.000031040, $0.000034024, and $0.000037372.

The analyst added that the meme coin remains a key asset to monitor for short-term growth. Indeed, the meme coin is one to monitor, especially if the Bitcoin price were to witness a bullish reversal to the upside and hit the $100,000 milestone.

IntoTheBlock data shows that the price correlation between Shiba Inu and Bitcoin is currently 0.88, which indicates a strong positive price correlation. Therefore, SHIB will likely enjoy a bullish continuation as BTC moves to the upside.

SHIB Still Gunning For Current ATH

Crypto analyst Javon Marks recently suggested that the Shiba Inu price is still gunning for its current all-time high (ATH) of $0.00008 and could reach it soon enough. This came as he stated that SHIB looks to be in some of its best positions in years.

He added that the meme coin is holding well broken out and up over 162% while also showing majorly positive responses to a recent Hidden Bullish Divergence. The analyst mentioned that this divergence could suggest an over 75% move above the 2024 highs.

Javon Marks said this may only be a smaller part of a much larger 215% uphill run to the first overall breakout target at $0.000081. In line with this, the analyst stated that a more than 3x Shiba Inu price increase can be loading and coming quickly.

Shiba Inu’s burn rate recently spiked 4,500%, which presents a bullish outlook for the meme coin. SHIB whales are also actively accumulating the meme coin, which could continue to this imminent price rally.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Price analysis

Shiba Inu Price Records Largest Weekly Gain Since Feb, ATH Next?

Published

3 weeks ago

on

November 11, 2024

By


Shiba Inu price has soared over 64% in the last 6 days, recording the largest weekly gain since February 2024. This increase comes amid Bitcoin breaking previous all-time highs and the entire crypto market surging to $2.915 trillion. This is just slightly shy of the 2021 top of $3.006 trillion. A crypto analyst shared that he expects one more resistance before SHIB rallies back to a previous all-time high. Can the price of SHIB regain its ATH before the end of the year?

SHIB price trades at $0.00002625 on November 11 after increasing by 16.1% in the last 24 hours. Following the footsteps of the largest gainer, Dogecoin (DOGE), SHIB has surged 54.9% in the past week and could be eyeing extended gains this week after clearing one key obstacle.

Shiba Inu Records Single Largest Weekly Gain Since Feb, ATH Next?Shiba Inu Records Single Largest Weekly Gain Since Feb, ATH Next?
SHIB/USDT Price Chart

Shiba Inu Price Hit a Block: Is the Rally Over?

The SHIB price currently struggles to break above a key resistance level of around $0.00002750. After surging with volume to this previous level of temporary resistance, traders are taking profit, which has resulted in a pause from the rally.

However, crypto analyst Motion Man believes this is nothing to be worried about as he predicts SHIB will rise by 70% in the coming days to test the $0.000046 level, and if it clears his resistance, he expects SHIB to explode to ATH. 

The Shiba Inu price rally is not over because of a few factors:

  1. Coingecko data shows the 24-hour trading volume is up 255%, signaling a recent spike in market investor interest.
  2. The SHIB open interest (OI) is up 19.31%, according to data from Coinalyze. This combined with the increasing price suggests traders are entering longs on the meme coin, a bullish signal for the Shiba Inu price.
  3. Santiment data shows the price-daily active addresses (DAA) divergence is currently at an 8-month high. Combined with the rising price, it indicates strong positive market sentiment and increased network activity. This alignment suggests that the price increase is supported by genuine growth in user engagement, which can be a healthy sign for the SHIB’s long-term rally.

SHIB Price Analysis: All Eyes On $0.000046

After surging to a local high of $0.00002804, SHIB price now faces huge profit taking around that price level, reinforces a previous historical resistance. Due to the factors mentioned previously, the Shiba Inu price forecast shows the rally is likely to continue. 

A break above the the current resistance would spark a 70% (1.7X) rally to $0.000046, which coincides with the previous yearly high. Beyond that, the 4.236% Fibonacci extension level presents a potential resistance around $0.00006088.

After that, bullish SHIB predictions suggest ATH will likely be next. 

Shiba Inu Records Single Largest Weekly Gain Since Feb, ATH Next? Shiba Inu Records Single Largest Weekly Gain Since Feb, ATH Next?
Shiba Inu Price Analysis Chart

An invalidation thesis for the current SHIB bull market would be if bears push price back below $0.00001811. This would signal market weakness that could send the meme coin down to $0.000015 and potentially to $0.000012.

Frequently Asked Questions (FAQs)

The rally hit temporary resistance at $0.00002750, but analysts believe it will continue. If SHIB clears this barrier, it could rally by 70% to $0.000046 and potentially reach a new all-time high (ATH).

SHIB price targets include $0.000046 and $0.00006088, with analysts predicting a push toward its previous ATH if key resistance levels are broken.

Analysts believe it’s possible if SHIB breaks through critical resistance levels and maintains strong momentum, aided by increased trading activity and market sentiment.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Will Shiba Inu Price Jump Over 300%? This Analyst Thinks So

Published

3 weeks ago

on

November 10, 2024

By



Este artículo también está disponible en español.

Experts are confident that Shiba Inu could potentially undergo a massive price surge on the back of a positive overall outlook on cryptocurrency.

Donald Trump’s victory in the recently concluded US election brings waves of optimism in the cryptocurrency market which SHIB Inu can ride on to propel it to a 306% price hike.

Shiba Inu: Explosive Growth

A market analyst predicted that the price of Shiba Inu could soar by at least 306%, as the entire cryptocurrency market is going on an overdrive excited by the results of the US elections.

In a post, analyst Javon Marks said that it could potentially hit the $0.00081 mark, adding that this price surge is imminent for the meme coin and being forecasted to happen really soon.

“Still fairly fresh off of a confirmed Hidden Bull Divergence and holding broken out, $SHIB (Shiba Inu), in the midst of a roaring Bitcoin market, can be getting ready for its next level performance towards the $0.00081 target,” Marks said.

Data showed that the meme coin has formed a Hidden Bull Divergence pattern. Reports explained that the Hidden Bull Divergence is a bullish indicator that usually occurs before a price rally happens.

Moreover, analysts said that the cryptocurrency has already breached the consolidation phase which could beef up the bullish outlook for the meme coin.

Shiba Inu-Bitcoin Relationship

Analysts pointed out that there is a relationship between the price movement of Shiba Inu and Bitcoin, saying that any price movement with Bitcoin could also mean price movement for the meme coin.

It is a correlation being monitored by many analysts as Bitcoin prices are soaring on the back of the newfound optimism on the overall crypto market.

SHIB market cap currently at $11.2 billion. Chart: TradingView

In previous reports, analysts discussed that Shiba Inu usually trails the price movement of Bitcoin, showing that there is a strong correlation between the two cryptocurrencies.

They noted that whenever Bitcoin collapsed, the meme coin’s price also went down. Hence, any massive hike in Bitcoin could propel Shiba Inu into exponential growth.

Many market observers are predicting that Bitcoin is on track for a massive price surge and in the last few days, the firstborn crypto has been hitting an all-time high price per coin. Therefore, BTC’s predicted price movement could also push Shiba Inu to its projected price.

$118 Billion Market Cap Seen

Meanwhile, analysts suggested that the market capitalization of Shiba Inu would soar and its price would increase by 950% once the market valuation of the global cryptocurrency reaches the $10 trillion mark.

Source: Bitstamp

Market commentators said that if the $10 trillion market cap happens, the meme coin would be traded at $0.0002 and elevate its market capitalization to $118 billion.

As of writing, the total global market capitalization of the crypto sector is pegged at $2.61 trillion while the current market cap of Shiba Inu is about $11.21 billion.

Featured image from Chewy, chart from TradingView





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