Can SHIB Overcome Market Slump and Hit Analyst’s Bullish Targets?

Shiba Inu (SHIB), the popular meme coin, has faced recent scrutiny due to the broader cryptocurrency market downturn. Despite SHIB’s underperformance, one analyst, Abmoon on TradingView, remains bullish on its future, reiterating a series of ambitious price targets culminating in a potential 1000% increase.

In November 2023, when SHIB struggled to break past $0.00001, Abmoon established six progressive price targets with an ultimate goal of $0.000165. Demonstrating unwavering conviction, Abmoon initiated a trade based on these targets, entering between $0.00000755 and $0.00001018.

The first target represented a significant 163% jump, set within a range of $0.00002629 to $0.00002825. Abmoon then established a second target between $0.00003778 and $0.0000399, signifying a potential return of 272%.

As Abmoon’s projections unfolded, they envisioned a more substantial price surge, with a target range of $0.000065 to $0.00006773, reflecting a remarkable 545% increase. The fourth target was set even higher, at $0.0000869 to $0.0000924, representing a potential rise of 757%.

Abmoon’s vision culminates in a fifth target of $0.000124 to $0.00013, followed by a final target with a minimum threshold of $0.0001606. The ultimate price target for this ongoing trade is $0.000165, which translates to an almost 1000% increase from November’s price and an impressive 862.6% increase from the current price of $0.00001714.

Recent developments may bolster investor confidence. SHIB’s 17.66% climb over the past 24 hours has erased losses from July 5th, potentially propelling the meme coin towards these ambitious targets.

However, a note of caution is necessary. This trade has been ongoing for over eight months. While SHIB reached some initial targets during a bullish period in early March, when it surged to $0.000045, the broader market downturn has caused a pullback.

Undeterred, Abmoon expresses confidence in a potential price recovery for SHIB. The meme coin currently sits just below the 20-day Simple Moving Average (SMA) at $0.00001715, and could soon climb further. The next target for SHIB is the $0.00002 level, with an optimistic prediction of reaching it by July 31st.

Only time will tell if SHIB can fulfill Abmoon’s lofty predictions. The analyst’s unwavering optimism stands in contrast to the cautious stance of many in the face of the ongoing market slump. Regardless, SHIB’s recent price surge offers a glimmer of hope for investors, with the next few weeks potentially shaping the future trajectory of the meme coin.