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The Shiba Inu price is flashing bullish signalsthat could pave the way for an impressive 130% rally to new levels. A crypto analyst has highlighted a pattern of higher highs, solidifying his optimistic price projection of an imminent price surge for SHIB. Shiba Inu Price Gears Up For 130% Rally
Klejdi Cuni, a TradingView crypto analyst, has releaseda detailed chart analysis displaying a bullish set-up for the Shiba Inu price. The chart highlights an ascending oval trend, with Shiba Inu consistently making higher highs on the daily. Related Reading Bitcoin Daily Bollinger Bands Expand, Why BTC Price Could Rise To $120,000 As Early As Next Week 20 hours ago Source: TradingView
The analyst disclosed that Shiba Inu has repeatedly faced strong supportaround the $0.00002424 level for about a month. This retest of the support level signals an Accumulation zone, where buyers consistently step in to avoid further price decline.
Sharing a price chart, the analyst has set several upward targets as Shiba Inu continues its bullish trajectory. The sharp upward curve in the chart also indicates that the SHIB price could enter a strong parabolic moveupwards after breaking key resistance levels.
Cuni projects a steady but substantial price increase for Shiba Inu, projecting that the meme coin could surge 130% to reach an initial target of $0.00003232 in the near-term resistance. The analyst has also predicted that Shiba Inu could hit a second target at $0.00004167.
If Shiba Inu can maintain its bullish momentum and stay above $0.000041, Cuni believes a significant breakout level to the third target at $0.00005675. Finally, representing the highest target on the price chart, the TradingView analyst forecasts a massive surge to $0.00007012.
Although reaching these bullish price targetswould mark a significant milestone for the Shiba Inu price, it would still fall well below the meme coin’s all-time highof $0.000086. This all-time high was achieved during the bull run in 2021 when the demand and price of meme coins surged dramatically. Related Reading XRP Price Breakout Above $10: Analyst Tells Community To Pay Attention To This Fractal 1 day ago
Cuni explained that Shiba Inu had already achieved his first projected target. However, despite being a meme coin, Shiba Inu has not displayed a price action similar to that of other meme coins in the market. Analyst Says SHIB ATH Incoming
The Shiba Inu price is currently trading at $0.000028 after experiencing an 8% decline over the past week, according to CoinMarketCap. The meme coin had been one of the top gainers of this bull market, having surged above $0.00003recently. With its current price action signaling a potential reversal, a prominent crypto analyst, identified as ‘The CryptoBull,’ has predictedthat Shiba Inu could reach new all-time highs this bull cycle. Related Reading XRP Price Breakout Above $10: Analyst Tells Community To Pay Attention To This Fractal 1 day ago Source: TradingView
The analyst shared a chart in an X (formerly Twitter) post displaying Shiba Inu’s price movements from May 2022 to the present. The analyst suggests that if Shiba Inu crosses $0.00003285, the meme coin could see an explosive surge to $0.00008852, making a new ATH. SHIB price trending at $0.000028 | Source: SHIBUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com