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Notably, after hitting a multi-year high of $0.000045 in early March, SHIB entered a prolonged consolidation phase. Despite the strong performances of Bitcoin (BTC) and XRP in November and January, SHIB is lagging as investors focus on larger-cap cryptocurrencies amid regulatory uncertainty.
However, as Bitcoin (BTC) spearheads a new market rally, analysts are increasingly optimistic about a possible shift of capital to altcoins, with particular attention paid to meme coins like SHIB.
Popular crypto analyst Javon Marks highlighted a bullish triangle pattern on SHIB’s chart on Thursday, suggesting that the token could be on the verge of a significant breakout after months of consolidation.
“After confirming another bullish pattern, and a classic one at that, SHIB remains on our radar for a major continuation towards the broader target level at $0.000081. This goal is currently at over 258%, so chasing this goal can be huge. He tweeted.
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Another top analyst, “CryptoElites,” told his 246,000 followers that SHIB could be gearing up for an even bigger rally. Based on a bullish triangle pattern on the weekly chart, he projected a price target of $0.0023, representing a potential return of 100x from current levels.
Separately, the Investing Haven analyst highlighted key Fibonacci retracement levels, which he believes are crucial to SHIB’s price trajectory. In a tweet, he identified the 50% Fibonacci level as an important resistance point, while the 38.2% level serves as critical support.
According to his analysis, SHIB is showing bullish signs as long as support holds, with higher lows indicating increasing interest from buyers. He highlighted that the token’s breakout potential depends on it remaining above the key $0.0000177 level, suggesting that this threshold will be crucial in determining whether SHIB can continue its upward momentum.
That said, SHIB recent developments also strengthen investor confidence. Among the key driving factors is the recent launch of TREAT, a governance and utility token for the Shiba Inu Layer 3 privacy blockchain. This blockchain aims to improve privacy and unlock advanced features, thereby strengthening the SHIB ecosystem.
Additionally, the “Shiba Army” continues to actively burn tokens to reduce the circulating supply, potentially increasing scarcity and value. Whale activity, with large transactions indicating accumulation, is another bullish indicator.
Meanwhile, this week, Shiba Inu lead developer Shytoshi Kusama shared his vision for the future of the Shiba Inu, with a focus on resilience and innovation. According to him, the launch of TREAT is just one piece of the puzzle in the expansion of the Shiba Inu ecosystem.
Thursday, Kusama mention of “build for the future” and the emphasis on utilitarian memes that offer rewards and unlock new technologies like fully homomorphic encryption suggests a transformative period ahead for SHIB.
At press time, SHIB was trading at $0.0000243, reflecting a 9.65% rise over the past 24 hours.