Expert Says Shiba Inu Breaking Out of Three-Year Downtrend, Next Stop All-Time High
December 7, 2024
A well-known technical analyst has confidently stated that Shiba Inu is currently breaking out of its three-year downtrend and is aiming for an all-time high.
It is worth noting that the price of Shiba Inu has shown significant improvement in December, unlike last month when it fell behind the overall bull run of meme coins. In November, top meme coins like Dogecoin came close to surpassing their previous cycle peaks, and some even reached a new all-time high, such as BONK.
However, Shiba Inu only managed to reach a six-month high in the $0.00003 range. Analysts believe that this lackluster trend in SHIB is now coming to an end.
Shiba Inu Breaking Out of Three-Year Downtrend
In a post by “The Krypto King,” it was highlighted that Shiba Inu’s downtrend, which began in late 2021, is now ending. According to the analyst, SHIB is breaking out of the three-year period during which it traded below its all-time high.
This market observer predicts a significant surge that could push Shiba Inu up by at least 178%, adding $0.00005602 to its market value. This would bring Shiba Inu’s value to the same level as its all-time high of $0.00008645.
SHIB Recent Price Action
On the day of this prediction, Shiba Inu traded as low as $0.0000267 but rallied by 24% to $0.000038 on the same day. However, the price of SHIB later dropped to $0.000027 but is currently back in the $0.00003 range.
As of now, Shiba Inu has seen a weekly gain of 15% and is trading at $0.000031. This makes it the best-performing meme coin among its prominent rivals like Dogecoin, PEPE, FLOKI, and BONK, all of which have weekly gains below 4%.
Shiba Inu’s Upcoming Move
Notably, “The Krypto King’s” prediction that Shiba Inu is about to make a major upward move is widely shared among other market observers. Some analysts draw inspiration from Ethereum’s bullish performance and argue that Shiba Inu could follow suit.
Shiba Inu’s Road to ATH
Some market commentators suggest that Shiba Inu’s journey to surpass its all-time high will begin once it breaks the stubborn resistance at $0.000033. Notably, SHIB faced rejection shortly after reaching $0.00003 on December 1.
Meanwhile, community analyst SHIB KNIGHT argues that Shiba Inu could follow a gradual but steady upward trend, aiming for a 29% increase to $0.00004. From there, Shiba Inu is expected to target even higher levels, potentially surpassing its all-time high.
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