An expert in technical analysis has highlighted the possibility of a significant rally for Shiba Inu, which could see its value increase by 62% to $0.00004048 in the near future.
Over the past 24 hours, Shiba Inu experienced a rally of around 7% to reach $0.00002615, marking one of its highest prices since April. However, this gain was short-lived as the cryptocurrency lost most of its value due to a correction in the overall market led by Bitcoin.
As a result, Shiba Inu’s weekly and monthly performances have been invalidated, plunging it into negative territory. Nevertheless, the cryptocurrency is still holding on to most of the gains it made two months ago, with its current value at $0.00002467.
The Shiba Inu community, known as the “SHIB Army,” eagerly anticipates a bullish trend for the cryptocurrency as it has been nearly three months since it last experienced a significant price increase.
In a recent post, technical expert Clifton identified a bullish pennant pattern on Shiba Inu’s one-day chart, suggesting that the cryptocurrency is poised to resume its previous upward trajectory after a period of consolidation. It’s worth noting that Shiba Inu initially surged in value in late February before losing momentum in mid-March when it reached $0.000045.
Following this, Shiba Inu entered a corrective phase, dropping to $0.000018 by April. Several market observers have identified the candlestick patterns formed by Shiba Inu since March as a bullish pennant.
Clifton’s analysis, accompanied by a chart, indicates that the bullish pennant pattern could result in a significant gain for Shiba Inu investors. He suggests that if the pattern holds true, there could be a short-term surge in value of up to 62.13%, potentially pushing the price of Shiba Inu to $0.00004048.
The analyst anticipates that this bullish scenario could unfold within the next few weeks, or at the latest, by the end of June.
Other analysts, such as Davie Satoshi, have also identified a bullish pennant pattern on Shiba Inu’s chart and have set their sights even higher. They suggest that the cryptocurrency could surpass the $0.00005 mark following the breakout. Some even speculate that Shiba Inu could reach as high as $0.00015 once the anticipated breakout occurs.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.