The Shiba Inu has rebounded over 19% from the $0.00002081 price point at the beginning of the month. Current price trends indicate that the cryptocurrency could be headed for an interesting price spike in the coming weeks. According to one crypto analyst, SHIB could actually see a 120% price surge after exiting the current consolidation.
Cryptocurrency analysts say a massive rally is coming
SHIB started a price correction shortly after reaching 0.00003556 in early March. At the time, bullish investor sentiment surrounding meme cryptocurrencies quickly turned bearish. This caused SHIB to fall, and in mid-April he bottomed at $0.00002117, indicating that in these two months he had a 40% price correction. Interestingly, this was the worst SHIB price decline since the collapse of the Terra ecosystem in May 2022.
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As noted in the 8-hour chart shared by crypto analyst World Of Charts on social media platform X. SHIB has been using the integrated channel for the past two months. However, analysts expect that the bullish breakout will create a strong bullish wave, resulting in returns of 100% to 120% for SHIB holders.
If the breakout is successful, consolidation with a bullish flag in the H8 timeframe A solid bullish wave is expected A 100-120% bullish wave is expected#cipher #shibu pic.twitter.com/vfLClaexvu
— World of Charts (@WorldOfCharts1) May 3, 2024
Interestingly, a closer look at the charts shared by World Of Charts shows that analysts are positive about a long-term price rally. The last price target shown on the chart is $0.00009500, which is a 280% target from the current price level.
Can a Shiba Inu climb higher?
Shiba Inu recently formed an even higher low in the weekly time frame. Bulls may be starting to take profits upper hand.Despite past declines, over 56% of SHIB holders maintained profits This is because many long-term holders have chosen to hold on to their tokens. As of this writing, SHIB is trading at $0.00002489, up 6.4% over the past 7 days. Due to this price increase, the number of his SHIB holders benefiting also increased to 61% at the same time.
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Many addresses that have just transitioned to profitability are not taking profits, indicating that the majority of investors are not taking profits. Prices are expected to rise In May. One catalyst that could lead to further price increases is recent partnerships A partnership between PayPal and MoonPay will allow PayPal users in the United States to easily purchase dog-themed cryptocurrencies.
Popular crypto analyst Ali Martinez Expecting a rise in SHIB prices It is based on the bullish flag that has recently appeared on the token’s price chart.
SHIB falls after brief recovery | Source: SHIBUSDT on Tradingview.com
Featured image from Times Tabloid, chart from Tradingview.com
