A leading Bitcoin analyst has predicted a potential 2,276% upside for Shiba Inu based on a positive technical outlook.
Shiba Inu has been one of the most difficult crypto assets to own recently. Its price fell 3% today, falling below the psychological level of $0.00002. This latest decline worsens its weekly performance, now down 12%. Additionally, over a two-month period, SHIB is down more than 20%.
Although this performance has hurt holders, some analysts have found reason to believe a turnaround is imminent. Bitcoin Crypto analyst ELITES recently shared bullish targets for Shiba Inu in a job on X. He pointed out that Shiba Inu techniques look promising.
According to the chart shared by the analyst, SHIB is poised for substantial gains, supported by a classic cup and handle pattern, a bullish formation.
Three Shiba Inu Targets to Watch for a 22X Upside
The analysis sets three ambitious price targets for SHIB, starting at $0.000085171. In particular, this objective aligns with The absolute record of the Shiba Inu and the Fibonacci level 1.00.
Meanwhile, the Shiba Inu’s journey to this lofty height requires it to overcome near-term resistance at $0.00002266, $0.00003118, and $0.0000491.
These price levels have proven to be strong resistance areas for the Shiba Inu over the past few weeks. For example, Shiba Inu briefly entered the $0.00003 level eight weeks ago, but was unable to defend the threshold.
Meanwhile, Crypto ELITES believes that a stronger wave is in the works to overcome this obstacle. He noted that after Shiba Inu breaks its 2021 all-time high, it would progress into uncharted territory, trading with just three leading zeros.
In particular, he expects SHIB to advance to $0.000183312. From the current Shiba Inu value of $0.0000199, this would mean a gain of 821% or 8X upside potential for current holders.
However, Crypto ELITES has projected even higher values for Shiba Inu. Specifically, he argued that Shiba Inu could ultimately reach $0.000472905. The analyst believes that SHIB’s bull run for this cycle would lose momentum at this price level.
As a reminder, if these levels are reached, SHIB could generate an impressive 23X return or a gain of 2,276% from its current price.
Shiba Inu ready to hit the scene as Bitcoin dominance falls
The key to this potential upside lies in Bitcoin’s waning dominance, a scenario that often shifts market attention toward altcoins.
As Bitcoin is consolidating, Crypto ELITES noted that Shiba Inu appears ready to “take the stage.”
Opinions of other analysts on the potential of SHIB
Meanwhile, Crypto ELITES is not the only one to release these bold predictions for Shiba Inu. Previous analysis published by The Crypto Basic highlighted an analyst’s prediction that Shiba Inu could potentially rebound 543% to hit a new all-time high at $0.0001397.
The analyst argued that the journey to a new all-time high would particularly gain momentum when Shiba Inu reclaims $0.000032 and $0.00007056.
DisClamier: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.