After months of slow growth, the Shiba Inu token was born SHIB has started to ride the bull market wave and rise with new gains. As a result, a crypto analyst has predicted new highs for the doggy-themed cryptocurrency, estimating SHIB’s price to reach $0.00001.
Analyst foresees a bullish trajectory for Shiba Inu
Crypto analyst and investor SHIB Knight took to X (formerly Twitter) on Monday. discuss SHIB’s recent price movements. Lately, the dog-themed token has been witnessed significant price increasesbringing it closer to the coveted price of $0.00001.
According to CoinMarketCap, SHIB has gained about 1.32% over the past seven days and is trading at a price of $0.000009 at the time of writing.
Martinez shared a chart illustrating the price movements of SHIB/Tether. He announced that the price from SHIB experienced a technical breakout on a two-hour chart from the downtrend that was plaguing the cryptocurrency market. This suggests that the Shiba Inu token may be headed for a price recovery after experiencing significant declines despite its thriving ecosystem and community.
Then, SHIB Knight shared another chart showing SHIB’s price movement, with an arrow pointing to an increase to $0.000014. The crypto analyst predicted that SHIB could pump at any time, indicating that investors should remain alert and keep an eye on the cryptocurrency’s current bullish outlook.
SHIB price at $0.00000899 | Source: SHIBUSD on Tradingview.com
Analyst predicts SHIB to rise to $0.01
While the crypto market is gradually disappearing bearish trends that have caused the decline of many altcoins, SHIB has positioned itself at the forefront of the potential market recovery and prepared for the expected 2024 running of the bulls.
Crypto analyst Ali Martinez revealed in an X-post that SHIB is gearing up for a significant revival that could push it to unprecedented heights. Martinez shared a chart initially published on TradingView that illustrates SHIB’s price trends and movements from November 2023 to February 2024.
The chart revealed red and green zones in the symbolic price trend of Shiba Inu. Based on his analysis of these price movements, Martinez predicted that SHIB’s value could rise to $0.010 or possibly surpass that price line to $0.011. The occurrence of this event could signify a potential breakthrough for cryptocurrency as SHIB has only been able to reach an all-time high of $0.0009 since its inception.
Featured image of Dall.E, chart from Tradingview.com
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