Market analyst Ashish sees Shiba Inu reaching the $0.000075 price territory in an imminent 600% jump following breakout from a consolidation pattern.
The market watcher disclosed this in an extensive analysis on TradingView. Interestingly, the analysis began as far back as last December, with Ashish constantly updating it to reflect Shiba Inu’s market dynamics. At the time of the first
report
on Dec. 17, 2023, SHIB changed hands at $0.00001070.
SHIB’s Rollercoaster Ride Since December 2023
Ashish confirmed that Shiba Inu had been trading within a consolidation pattern since May 2022, when it collapsed from the $0.00002 price territory. This consolidation pattern persevered for nearly two years, with an ensuing descending trendline serving as resistance to any breakout.
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Shiba Inu 1D Chart | Ashish
In December 2023, the analyst projected that SHIB is about to breach this trendline and break out of the consolidation. From then,
Shiba Inu
faced market volatility, slipped into an accumulation zone and eventually breached the $0.000011 on Dec. 23, 2023, confirming the eventual breakout.
By February this year, Shiba Inu had slipped back below $0.00001, battling the bears to recover the price territory. The turnaround occurred in late February, when SHIB recorded a massive 370% uptrend that spilled into early March, culminating in the $0.000045 yearly high on March 5.
Ashish noted that this peak was nearly five times greater than the initial target he set for a Shiba Inu breakout. However, following the correction that ensued from March 6, the analyst set average buying targets at $0.000025, $0.000024, $0.000023 and $0.000022.
Shiba Inu Second Leg to Retest $0.000075
He confirmed the formation of a flag pattern on the 1-hour chart, suggesting that the next leg up could be monumental. Other analysts share similar sentiments, with Eunice Wang
asserting last month
that Shiba Inu could spike 409% to a new all-time high of $0.000125 during this second rally. The Crypto Basic
recently confirmed
that SHIB is already gearing for the next leg.
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Ashish maintains the conviction that his 600% projection would materialize. Interestingly, at the time he made this prediction, SHIB changed hands at $0.00001070. This indicates that the 600% upsurge would lead to $0.00007498, essentially retesting the $0.000075 territory.
Shiba Inu is already witnessing a resurgence of interest, a move that could bolster chances of the second leg. The Crypto Basic
revealed today
that SHIB saw a 51% spike in volume following an announcement from Coinbase to launch Shiba Inu futures trading for its international institutional clients.
Currently trading for $0.00002398 with a 2.56% price drop today, Shiba Inu has room for more growth, as seen in its daily relative strength index (RSI). SHIB’s RSI currently sits at 47.91 amid bearish momentum. However, this value confirms the potential for Shiba Inu to expand to the projected targets once the second leg up materializes.
Shiba Inu Daily RSI
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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