As Shiba Inu consolidates from its last surge to a multi-month high, a notable analyst claimed that the token will aim for a further rise to $0.00006937.
The second largest coin by market capitalization has entered a new consolidation phase after a recent price surge. For context, Shiba Inu has reached the next level eight-month high of $0.000033159 the first day of December.
However, the meme coin has corrected more than 10% from the multi-month high to its current market price. Nonetheless, Shiba Inu is still up 19% over the past seven days as bullish sentiment persists.
Meanwhile, analyst TSLA Tracker speculated on Shiba Inu’s next bullish move from the current price level. In a December 2 tweetthe commentator confirmed that he expects Shiba Inu to break through the $0.00006 price level.
Shiba Together for a 130% increase to $0.00006937
TSLA Tracker said he likes the Shiba Inu price configuration from here. He shared a chart showing how the meme coin has been following a clear price trend well.
Additionally, the attached chart shows that the analyst expects further upside for the meme coin. Specifically, the market speculator predicted a 134% upside from the current price level at $0.00006937.
Meanwhile, renowned market analyst Javon Marks has confirmed the bullish outlook for Shiba Inu. He tweeted as the same coin skyrocketed to the highest price over several months is a spectacle of strength.
As a result, Marks expects the bullish momentum to spur an uptrend near its current all-time high. The commentator claimed that Shiba Inu’s next target is a 172% upside to $0.000081.
Analysis of the Shiba Inu
As Shiba Inu gives up some of its latest gains, the market is showing mixed indications for the meme coin. As a reminder, its relative strength indicator on a 4-hour time frame stands at 57.08, indicating that the token has more upside potential before entering overbought territory.
However, the MACD indicator suggests further bearish outlook for Shiba Inu as the MACD line widens from the signal line.. THE the first amounts to 0.00000088, the second to 0.00000104.
Meanwhile, Shiba Inu trading volume fell 55% to $2.73 billion over the past 24 hours, signaling reduced trading activity. Trader appetite for the token has also diminished, with derivatives volume falling 53% to $715.5 million.
At the time of writing, SHIB is trading at $0.000030225, up less than 1% in the last 24 hours.
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