A renowned Shiba Inu analyst has made a bold prediction, suggesting that SHIB has the potential to double its current value and reach a trading price of $0.000055. This projection is based on careful observations of the coin’s daily chart.
In a recent post on X, an analyst known as “SHIB Knight” drew attention to an important pattern on SHIB’s daily chart. The analyst pointed out that the coin has been experiencing a series of descending candles, indicating a continual decline since its peak in early March.
It is worth noting that just last month, Shiba Inu saw a remarkable increase in value, almost quadrupling in less than two weeks and reaching $0.000045 by March 5. The analyst’s update included a visually striking chart that clearly depicted this impressive bull rally.
However, the bears soon took control of the market, causing SHIB’s value to drop once again. The current pattern on the daily chart suggests that the coin has reached the end of its downward trend and may be poised for a potential rebound.
SHIB Knight has set a target of $0.000055 for Shiba Inu in its anticipated comeback, projecting a potential rally of 115.7%. This prediction was made when SHIB was hovering around the $0.000027 mark. At the time, the coin was performing well in the market, recovering some of the losses inflicted by the bears.
Another analyst, known as “Prof Noan,” also issued bullish targets for Shiba Inu in light of the growing uptrend. Noan identified four profit-taking thresholds, with the highest target being $0.00004360, which is slightly lower than SHIB Knight’s target.
However, neither analyst provided a specific timeline for their bullish targets, despite inquiries from market participants.
It is important to exercise caution, as SHIB has recently suffered a significant setback due to a price correction in Bitcoin. Over the past 24 hours, Shiba Inu has dropped by 8.5%, bringing its price to $0.00002493.
Noan’s analysis suggests that Shiba Inu may experience a more pronounced downturn once it hits $0.00002244. Investors are advised to exit their trades at this point. Despite its struggles with the bears, Shiba Inu is still trading at price levels last seen two years ago.
Please note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not necessarily reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.