- Shiba Inu (SHIB) may surge over 62% in the coming weeks, according to prominent analysts.
A bullish pennant pattern identified on SHIB’s chart suggests a potential price rally.
Shiba Inu bulls might have reason to cheer, as multiple analysts predict a significant price increase for the popular meme coin. Recent technical analysis suggests a bullish pennant forming on SHIB’s chart, hinting at a potential breakout and substantial gains.
SHIB Struggles at Resistance, But Analysts See Breakout Imminent
Despite experiencing a mini rally last week, Shiba Inu continues to face resistance around the $0.000025 price level. While SHIB has maintained positive gains in the last 30 days, surpassing this hurdle decisively remains a challenge.
However, prominent market observers remain optimistic about SHIB’s future. They believe the coin is nearing the end of its consolidation phase and have forecasted potential breakout price targets.
Bullish Pennant Signals Potential 62% Profit
Bitcoin analyst Clifton joined the chorus, highlighting a bullish pennant on Shiba Inu’s 24-hour chart. This technical pattern typically indicates an asset poised to resume an uptrend after a brief period of consolidation. The symmetrical triangle shape of the pennant suggests a potential price surge.
In Shiba Inu’s case, the bullish pennant formed after an uptrend in early March that was followed by a corrective decline in April. Analysts believe a breakout from this pennant could see SHIB holders accrue short-term profits of up to 62%.
Target Prices Vary, But Optimism Reigns Supreme
While Clifton suggests a target of $0.00004, analyst Davie Satoshi has a more ambitious prediction of over $0.00005. Others, like “World of Charts” and anonymous Bitcoin analysts, have echoed this sentiment, with some even proposing targets as high as $0.00008 or even $0.00015.
Reaching $0.00015 would be uncharted territory for Shiba Inu, signifying a major milestone for the meme coin.
Important Disclaimer: This is not financial advice.
It’s crucial to remember that this information is for informational purposes only and should not be construed as financial advice. The views expressed here may reflect the author’s personal opinions and do not necessarily represent the stance of The Crypto Basic. Thorough research is always recommended before making any investment decisions.