By Scott Matherson, Bitcoinist.com, May 21st 2024
A crypto analyst has predicted a massive bull rally for doggy-themed cryptocurrency, Shiba Inu (SHIB). The analyst points to a new technical pattern emerging for SHIB, indicating the potential for a surge to new highs.
SHIB Sets Sights For Next Upside Target
A crypto and Bitcoin analyst identified as ‘Clifton Fx' on X (formerly Twitter) shared a Shiba Inu/Tether (USDT) price chart depicting the next price target for the popular doggy-themed meme coin. The analyst unveiled a new technical trading pattern exhibited in SHIB's price movements, emphasizing the meme coin's price chart was displaying a bullish pennant formation in the daily time frame.
A bullish pennant formation is a technical pattern that occurs after an uptrend and indicates the potential continuation of the strong upward momentum. For more clarity, it signals when the bulls are about to take charge of a cryptocurrency's value, highlighted by a period of accumulation by investors before a bullish breakout occurs.
In the case of Shiba Inu, Clifton believes that the current formation of a bullish pennant suggests a potential upside breakout of about 50% to 60%, supported by the increasing trading volume and market sentiment surrounding the meme coin. In his price chart illustrating Shiba Inu's price actions from January to May 2024, the crypto analyst pinpointed a green area, proposing that Shiba Inu could witness a significant rise to $0.00004 before June 2024.
Another crypto analyst, Ali Martinez has predicted a less ambitious price target for Shiba Inu. Martinez disclosed in a previous X post that Shiba Inu could witness a 20% upswing to $0.00002954 in the coming weeks. He based his projections on the likelihood of the doggy-themed meme coin successfully breaking the upper boundary of a descending parallel channel at $0.00002444.
Shiba Inu Price Fundamentals Grow Stronger
Clifton's optimistic projection for Shiba Inu comes at a time when the meme coin has been outperforming, witnessing new gains and bolstering its overall market strength. At the time of writing, the price of SHIB is trading at $0.000025, marking a 6.18% increase in the last 24 hours.
The cryptocurrency was previously consolidating around the $0.000024 price mark for weeks, recording consistent 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 recording massive daily gains. This unexpected price surge underscores investors' renewed interest and demand for meme coins in the market.
Additionally, over the past seven days, the price of Shiba Inu surged by more than 6%. The meme coin's trading volume of approximately $914.2 million has also witnessed an impressive rally, skyrocketing by 134.85% in just 24 hours.
