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Crypto Pundit Says Shiba Inu Bullish Pennant Will Drive Price to New Highs, Here’s the Target
A crypto analyst has predicted a huge rally for the doggy-themed cryptocurrency, Shiba Inu (SHIB). The analyst points to a new emerging technical pattern for SHIB, indicating the potential for a rise to new highs.
SHIB sets sights on next positive target
A crypto and Bitcoin analyst identified as ‘Clifton Fx’ on X (formerly Twitter) shared a Shiba Inu/Tether (USDT) price chart representing the upcoming Target Price for the popular puppy-themed meme coin. The analyst revealed a new technical trading pattern displayed in SHIB Price Movementsemphasizing that the meme coin’s price chart displayed a bullish pennant formation on 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 the bulls are about to take over of the value of a cryptocurrency, highlighted by a period of accumulation by investors before an upward breakout occurs.
In the case of Shiba Inu, Clifton believes the current formation of a bullish pennant suggests a potential bullish breakout of around 50% to 60%, supported by growing trading volume and market sentiment around the meme coin. In his price chart illustrating Shiba Inu price actions from January to May 2024, the crypto analyst identified a green area, proposing that Shiba Inu could witness a significant increase to $0.00004 before June 2024.
Another crypto analyst, Ali Martinez foreseen a less ambitious price target for Shiba Inu. Martinez disclosed in a previous X post that Shiba Inu could witness a 20% rise to $0.00002954 in the coming weeks. He based his projections on the likelihood of the puppy-themed meme coin successfully breaking the upper boundary of a descending parallel channel at $0.00002444.
Shiba Inu Price Fundamentals Get Stronger
Clifton’s bullish projection for Shiba Inu comes at a time when the meme coin has been outperforming, witnessing fresh gains and reinforcing its overall market strength. At the time of writing, SHIB price 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 around meme coins. Currently, excluding Shiba Inu, other meme coins like Dogecoin (DOGE), Pepe (PEPE) and Dogwifhat (WIF) are recording huge daily gains. This unexpected price increase highlights the renewed interest and investor demand for meme coins in the market.
Furthermore, in the last seven days, the price of the Shiba Inu increased by more than 6%. The meme coin’s trading volume of approximately $914.2 million also witnessed an impressive recovery, soaring 134.85% in just 24 hours.
Featured image by Dall.E, chart by Tradingview.com