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Shiba Inu price is Flashing bullish signals This could pave the way for an impressive 130% rally to new levels. One cryptocurrency analyst highlighted a pattern of higher highs, reinforcing his bullish price forecast of an imminent rise in SHIB prices.
Shiba Inu price is preparing to rise by 130%
said Klijdi Kone, a cryptocurrency analyst at TradingView Released Detailed chart analysis showing a bullish setup for Shiba Inu price. The chart highlights an upward oval trend, with the Shiba Inu consistently making higher highs on the daily chart.
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The analyst revealed that the Shiba Inu did this repeatedly I encountered strong support Around the $0.00002424 level for about a month. A retest of the support level indicates an accumulation zone, where buyers are constantly stepping in to avoid further price declines.
Sharing the price chart, the analyst identified several upside targets as the Shiba Inu continues its upward trajectory. The steep upward curve in the chart also indicates that SHIB price could enter a level Strong parabolic movement Up after breaking major resistance levels.
Cuni projects steady however Significant Shiba Inu price increaseThe meme coin is expected to rise by 130% to reach the initial target of $0.00003232 in the near-term resistance. The analyst also predicted that the Shiba Inu would reach a second target of $0.00004167.
If Shiba Inu can maintain its bullish momentum and stay above $0.000041, Cuni believes there is a significant breakout level for the third target at $0.00005675. Finally, it represents the highest target on the price chart, and the TradingView analyst is predicting a massive rise to $0.00007012.
Although access to these Bullish price targets That would represent a significant milestone for the Shiba Inu’s price, but it would still be well below that The meme currency has reached an all-time high With a value of $0.000086. This all-time high was achieved during the 2021 bull run when the demand and price of meme coins skyrocketed.
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Kony explained that the Shiba Inu had already achieved its first expected goal. However, despite being a meme coin, the Shiba Inu has not displayed price action similar to that of other meme coins on the market.
Analyst says SHIB ATH is a possibility
The price of the Shiba Inu is currently trading at $0.000028 after seeing an 8% decline over the past week, according to CoinMarketCap. The meme coin has been one of the biggest winners in this bull market It rose above $0.00003 newly. As the current price action indicates a potential reversal, a prominent cryptocurrency analyst, known as “The CryptoBull,” anticipation That the Shiba Inu could reach all-time highs in this bull cycle.
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The analyst shared a chart in an X (formerly Twitter) post showing Shiba Inu price movements from May 2022 to the present. The analyst notes that if the Shiba Inu crosses the $0.00003285 level, the meme coin could see a massive surge to $0.00008852, creating a new ATH.
Featured image created with Dall.E, chart from Tradingview.com
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