A leading market watcher has argued Shiba Inu could be targeting a lofty height at $0.00005685 as bullish trends emerge.
Amid the ongoing U.S. elections and Donald Trump’s lead, Shiba Inu (SHIB) has seen a sharp rise, coinciding with broader bullish sentiment in the crypto market. Currently priced at $0.00001922, SHIB has marked a 9.41% increase over the past 24 hours.
Amid this surge, an analysis by market watcher Alex Clay projects that SHIB could continue its upward movement. His analysis points to the completion of a “Descending Broadening Wedge” pattern, suggesting a potential bullish reversal as SHIB’s price breaks above a key trend level.
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Chart by Clay
Notably, the “Descending Broadening Wedge” pattern is characterized by two diverging trendlines sloping downwards. It often signals a reversal after periods of downtrend. This recent breakout from the pattern places SHIB above a key level identified at $0.00001833.
According to Clay, breaking this level improves Shiba Inu’s bullish prospects, aligning with the broader market gains where coins like Dogecoin recorded a 22% increase.
Target Prices for Shiba Inu
In his analysis, Clay identified two price targets for Shiba Inu based on Fibonacci retracement levels. The first target is $0.00003710, aligning with the 0.382 Fibonacci retracement level.
The second, higher target is $0.00005685, corresponding to the 0.618 Fibonacci level, where increased selling pressure may emerge.
AI Predictions from ChatGPT and Google Gemini
Meanwhile, AI-driven predictions from ChatGPT and Google Gemini have provided insights into SHIB’s potential growth amid Bitcoin’s new all-time highs and the U.S. election climate. ChatGPT forecasts SHIB’s growth under three scenarios: modest growth, an optimistic bull run, and highly favorable market conditions.
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Under the modest growth scenario, SHIB’s value could rise 5-10 times, reaching between $0.00009555 and $0.0001911. The optimistic scenario projects a 15-20x increase, placing SHIB’s price between $0.00028665 and $0.0003822.
In a best-case scenario, ChatGPT suggests a 30x increase, possibly reaching $0.0005733, though this relies on optimal market conditions.
Meanwhile, Google Gemini offers a structured price target based on SHIB’s market capitalization. Assuming SHIB’s market cap could reach $100 billion by 2025, Gemini estimates a target price of $0.0001, though it acknowledges that this is speculative.
Shiba Inu $2.35B Blockchain Hub for U.S.
In related developments, Shiba Inu’s lead developer, Shytoshi Kusama, has proposed the Strategic Hub for Innovation in Blockchain (S.H.I.B.), a $2.35 billion initiative to establish the U.S.’s first blockchain-focused tech center.
The proposal, designed to foster innovation and economic growth, includes plans for 20,000 new jobs and an estimated $5 billion annual economic boost. The initiative outlines a $700 million to $1.2 billion budget for infrastructure, with additional funds allocated for business support and skills training.
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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
