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- Analysis of SHIB’s price trajectory reveals its confinement below a downward trendline since December 2023, following its peak.
- Shiba Inu (SHIB) has broken out of a prolonged downtrend, presenting the potential for a significant surge estimated between 53% and 72%.
Shiba Inu (SHIB) has decisively shattered a prolonged downtrend that has persisted since December, offering the potential for a substantial surge ranging between 53% and 72%.
A renowned crypto educator and trader Crypto Rand was the first to identify this bullish reversal, in a recent analysis of Shiba Inu’s price trajectory. According to Rand, the current outlook for Shiba Inu appears “amazing,” buoyed by a resurgence in bullish sentiment driven by Bitcoin’s recovery.
$SHIB looking amazing here after the bullish breakout: pic.twitter.com/NpaKJCYdKG
— Crypto Rand (@crypto_rand) February 9, 2024
Analysis of accompanying data reveals that SHIB had been confined below a downward trendline since its descent from the peak witnessed in December 2023. Notably, Shiba Inu capitalized on the broader market uptrend during Q3 2023, surging to a pinnacle of $0.00001195 on December 17, 2023.
Nevertheless, as the market rally tapered off, SHIB experienced a sharp decline from its peak, leading to the formation of a downward trendline. Since last December, the cryptocurrency has been trading below this downtrend. Despite several attempts to break out, it has encountered significant resistance each time
At press time, Shiba Inu (SHIB) is trading 2.26% down at a price of $0.000009287 with a market cap of $5.47 billion. This is the first time that it’s trading in a negative zone after two consecutive days of upside. To validate this breakout the SHIB price must uphold the threshold of $0.000009.
After this breakout, Shiba Inu is likely to embark on a bullish run aimed at revisiting the December 2023 highs and potentially reclaiming that price point.
Shiba Inu (SHIB) Price Can Rally By 53-72%
Shiba Inu has encountered comparable downtrends throughout the past year, as indicated by data from Crypto Rand’s charts. The initial downward trendline emerged when the token dropped from its peak of $0.00001575 in February 2023. SHIB traded below this downtrend until June 2023, when it broke out.
After the breakout, Shiba Inu surged by 53% to reach a high of $0.00001136 in August 2023. Subsequently, a decline from this peak led to the formation of the second downtrend. This second downtrend was breached in October 2023, resulting in a 72.6% surge to the high of $0.00001195 last December. Also, the soaring burn rate can provide additional support to Shiba Inu.
With SHIB now breaking out of the third downtrend, analysts anticipate a similar price surge, with projections ranging from 53% to 72%. Currently trading at $0.00000935, a 53% rally would propel SHIB to $0.00001431, while a 72% surge would elevate it to $0.00001613.
However, the cryptocurrency’s ability to attain these price levels hinges on various factors, including the overall direction of the broader crypto market, particularly Bitcoin’s performance. Additionally, SHIB would require heightened bullish sentiments within its native ecosystem. Moreover, SHIB continues to face growing competition from peers in the memecoin sector.
