Renowned analyst Davie has uncovered Shiba Inu as a hidden gem with the potential to generate impressive profits in both the short and long term.
Davie expressed this viewpoint in a recent post on X, reflecting on his previous reluctance to consider predictive signals from Shiba Inu’s price charts. He admitted that he had often overlooked SHIB in the past. However, his perspective changed on Wednesday when he decided to delve into Shiba Inu’s chart pattern, leading to the discovery of a promising bullish setup.
According to Davie, Shiba Inu is a gold mine waiting to be explored. He specifically noted the presence of a bullish pennant on Shiba Inu’s chart. This observation made him realize that Shiba Inu had the potential for significant growth that had gone unnoticed.
A bullish pennant formation indicates the possibility of a continued upward trend in the price of an asset. It resembles a small symmetrical triangle that appears during a strong uptrend, with the price consolidating briefly before breaking out and continuing its upward movement.
The accompanying chart depicts Shiba Inu’s pronounced downtrend since reaching $0.000045 in March. The pattern clearly shows the converging candlesticks following a significant price rise for Shiba Inu. Now, it suggests that Shiba Inu is ready to regain its previous bullish momentum.
Davie emphasized the promising short-term upside potential from this observation, admitting that he feels underexposed with his current SHIB holding. He projected that Shiba Inu could surpass the $0.00005 price level when the bulls return.
With SHIB currently trading at $0.00002475, this target implies a potential 102% short-term rally on the horizon.
However, X user Bunny Boy argues that Shiba Inu may experience an even more substantial 600% rally in this projected second-phase surge. Furthermore, this commenter suggests that this outlook could materialize within the next three weeks.
This bold forecast takes inspiration from the trajectory Shiba Inu exhibited in the first phase. Notably, SHIB witnessed a 373% surge in less than ten days between late February and early March.
It is worth noting that Davie is not the only analyst who has recognized the bullish pennant formation on the Shiba Inu chart. Market watcher Eunice Wong made similar suggestions a few weeks ago, proposing a 409% increase that would take SHIB to $0.000125.
At the time of writing, Shiba Inu is trading at $0.00002475, experiencing a 2.5% dip over the past day. However, it still maintains a 6% gain from the recent rally influenced by Bitcoin.
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