As a researcher with a background in cryptocurrency analysis, I find the potential price surge of Shiba Inu (SHIB) intriguing based on recent market developments and technical indicators. SHIB’s recent rebound from its April lows, coupled with bullish sentiment from crypto analysts, suggests that the meme cryptocurrency could be poised for a significant price increase in the coming weeks.
Shiba Inu has experienced a significant recovery, rising more than 19% from its starting price of $0.00002081 at the month’s outset. Present trends hint towards an intriguing price increase for this cryptocurrency in the upcoming weeks. As per one crypto expert’s assessment, Shiba Inu could potentially surge by as much as 120% once it breaks free from its current period of price stability.
Crypto Analyst Says Massive Surge Coming
In early March, the price of SHIB peaked at 0.00003556, triggering an unexpected correction. Previously bullish investors’ perspective towards the meme cryptocurrency shifted to bearish, leading to a steady decline in its value. The downward trend reached its lowest point in mid-April, with SHIB recording a price of 0.00002117. This marked a substantial correction of approximately 40% over the two-month period. Remarkably, this price drop represented the most significant decline for SHIB since the May 2022 collapse of the Terra ecosystem.
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According to crypto expert World of Charts’ analysis posted on social media platform X, the 8-hour timeframe chart indicates that Shiba Inu (SHIB) has been confined to a consolidation channel for the last two months. Nevertheless, this analyst anticipates a bullish breakout from this channel, potentially leading to substantial gains of approximately 100% to 120% for SHIB investors.
$Shib
As a researcher studying the cryptocurrency market, I’ve noticed a potential bullish flag forming in the H8 timeframe for Shib. If this pattern breaks out successfully, I anticipate a strong and potentially significant bullish wave. This wave could result in a price increase of around 100-120%. #Crypto #Shib.
— World Of Charts (@WorldOfCharts1) May 3, 2024
As a researcher examining the data presented by World Of Charts, I’ve noticed an intriguing detail: the analyst’s proposed price surge extends beyond the current price levels, as indicated by the last target of $0.00009500 – representing a significant increase of 280%.
Can Shiba Inu Push Higher?
As an analyst, I’ve noticed that Shiba Inu (SHIB) has formed a new higher low on its weekly chart, which is typically a bullish sign. Despite the recent downturn, over half of SHIB investors, approximately 56%, have managed to maintain profits. Many long-term holders chose to keep their tokens instead of selling during this period. Currently, SHIB trades at $0.00002489 and has experienced a weekly growth of 6.4%. This price surge has resulted in an increase in the number of profitable SHIB investors, now standing at around 61%.
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Several newly profitable addresses have yet to cash in on their gains, implying that most investors are optimistic about a potential price surge in May. A significant factor fueling this anticipation is the recent alliance between PayPal and MoonPay, enabling US PayPal users to effortlessly purchase Shiba Inu cryptocurrency.
Crypto analyst Ali Martinez forecasted a potential increase in SHIB‘s price following the emergence of a bullish formation, known as a “bull flag,” on its price graph.
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2024-05-07 00:04