A cryptocurrency analyst predicted a massive bull rally for the dog-themed cryptocurrency, Shiba Inu (SHIB). The analyst highlights the emergence of a new technical pattern for SHIB, indicating the possibility of reaching new heights.
SHIB eyes next bullish target
A crypto and Bitcoin analyst identified as “Clifton Fx” on X (formerly Twitter) sharing a Shiba Inu/Tether (USDT) price chart depicting the upcoming price target for the popular dog themed meme piece. The analyst revealed a new technical trading model featured in Price movements of SHIBhighlighting that the price chart of the meme coin displayed a bullish pennant formation during the daily time frame.
A bullish pennant formation is a technical pattern that occurs after an uptrend and indicates the potential continuation of strong upward momentum. For greater clarity, it signals when the bulls are about to take matters into their own hands of a cryptocurrency’s value, evidenced by a period of accumulation by investors before a bullish breakout occurs.
In the case of the Shiba Inu, Clifton believes that the current formation of a bullish pennant suggests a potential breakout to the upside by around 50-60%, supported by increasing trading volume and market sentiment around the meme coin. In his price chart depicting Shiba Inu price actions from January to May 2024, the crypto analyst identified a green zone, proposing that Shiba Inu could see a significant increase to $0.00004 before June 2024.
Another crypto analyst, Ali Martinez has predicted a less ambitious price target for the Shiba Inu. Martinez revealed in a previous X article that Shiba Inu could see a 20% rise to $0.00002954 in the coming weeks. He based his projections on the probability of the dog-themed coin successfully crossing the upper boundary of a descending parallel channel at $0.00002444.
Shiba Inu Price Fundamentals Strengthen
Clifton’s optimistic projection for Shiba Inu comes at a time when the meme coin has outperformed, recording further gains and strengthening its overall market strength. At the time of writing, SHIB price is trading at $0.000025, an increase of 6.18% in the last 24 hours.
The cryptocurrency was previously consolidating around the $0.000024 price mark for weeks, seeing steady declines due to market volatility and broader sentiment surrounding meme coins. Currently, excluding Shiba Inu, other meme coins like Dogecoin (DOGE), Pepe (PEPE) and Dogwifhat (WIF) are seeing massive daily gains. This unexpected price rise highlights the renewed interest and demand from investors for the same coins in the market.
Additionally, over the past seven days, the price of the Shiba Inu jumped more than 6%. The meme coin’s trading volume, around $914.2 million, also saw an impressive rally, soaring 134.85% in just 24 hours.
Featured image of Dall.E, chart by Tradingview.com
