SHIB News: Potential 660% Surge Predicted for Shiba Inu as Ascending Triangle Pattern Forms
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Crypto enthusiasts and investors are buzzing with excitement as a prominent crypto analyst, The Cryptagon, has shared a bullish outlook for the popular meme coin, Shiba Inu (SHIB). According to the analyst, an ascending triangle pattern that has been forming over the past 3.5 years indicates that the price of SHIB could be poised for a significant surge.
Shiba Inu Price Ready To Bounce Off 3.5 Year Triangle For Potential 660% Surge
Crypto analyst The Cryptagon has provided a bullish outlook for Shiba Inu (SHIB), stating that the meme coin is ready to bounce off an ascending triangle pattern that has formed over the past 3.5 years. The analyst predicts that this could send the price surging towards its current all-time high (ATH) and possibly beyond. The 1-week Relative Strength Index (RSI) is also showing a similar sequence to that seen between February and May 2023, which eventually led to a price surge of over 661%. The accompanying chart indicates that a breakout from the triangle could result in a rally towards the current ATH, representing a potential increase of about 700%.
If You Bought $100 of Shiba Inu at Launch, Here’s Your Net Worth Now
The cryptocurrency Shiba Inu (SHIB) has been a favorite in the community for its loyal user base and utility. At the time of writing, SHIB was trading at $0.00001278 after a slight recovery of 1.98% over the past 24 hours. The meme coin managed to surge to a high of $0.00003329 in recent months but remains 85% below its all-time high of $0.00008845.
Shiba Inu Price Prediction: Will SHIB Reach $0.50 In 30 Days?
The market is speculating whether Shiba Inu (SHIB), currently valued at $0.0000126, can increase in 2025. While the possibility of SHIB reaching $0.50 in 30 days is unrealistic due to its enormous token supply, its stable price action and projects like Shibarium are keeping investors hopeful. As SHIB gains momentum, investors are also looking at alternatives like a new Defi project revolutionizing cross-border payments. This project has real-world use cases and disruptive tech unlike SHIB which relies on community momentum and speculative appeal.
Shiba Inu’s Price May Be Near a Breakout
Shiba Inu (SHIB) may be eyeing a breakout above its $0.00001260 key resistance level. Technical analysis revealed a potential rally towards $0.00001280 in the short term. Despite struggling with a sustained downtrend since the start of the year, SHIB saw its price rise by 2.20% at the time of writing, with trader participation and Open Interest surging. SHIB was trading at $0.00001255, and its technical indicators showed bullish momentum in the short term. It remains to be seen if SHIB can mimic Bitcoin’s recovery efforts, given its high correlation to Bitcoin’s price movement and the anticipated hike in network adoption.