A widely followed technical analyst has boldly declared that Shiba Inu is now breaking out of its three-year long downtrend, aiming for an all-time high.
Notably, the Shiba Inu price saw significant improvement in December, unlike last month, where it lagged behind the broader meme coin uptrend. In November, the best coins like Dogecoin came close to shattering their previous cycle highs. Others, like BONK, even reached a new all-time high.
However, Shiba Inu only broke a six-month high in the $0.00003 range. Analysts believe this lackluster trend in SHIB is now coming to an end.
Shiba Inu breaks out of three-year downtrend
In a job on According to the analyst, SHIB is emerging from this three-year period of trading below its all-time high.
This market observer predicts a major wave that could send the Shiba Inu up at least 178%, addition of $0.00005602 to the market value of the Shiba Inu. This would raise the value of Shiba Inu to the size of its all-time high of $0.00008645.
Recent SHIB Price Action
Notably, on the day of this showing, the Shiba Inu was trading at a low of $0.0000267, but rose 24% to $0.000038 on the same day. However, SHIB price later dropped to $0.000027 but is currently back in the $0.00003 range.
At press time, Shiba Inu is posting a 15% weekly gain, trading at $0.000031. This makes it the best performing meme coin among its main rivals like Dogecoin, PEPE, FLOKI, and BONK, all of which are seeing weekly gains of less than 4%.
Shiba Inu’s Next Move
Notably, the “Krypto King’s” prediction that Shiba Inu is about to make a major move higher is widely shared by other market observers. Some analysts are taking inspiration from Ethereum’s current bullish performance for SHIB’s rise.
Commenters like “JD Updates” argue that now that Ethereum has finally broken long-standing resistance at $4,000, Shiba Inu might be ready to make a big move.
The Shiba Inu’s road to the ATH
Some market commentators suggest that Shiba Inu’s race to surpass its all-time high will begin once it breaks stubborn resistance at $0.000033. Notably, SHIB was rejected shortly after hitting $0.00003 on December 1.
Meanwhile, community analyst SHIB KNIGHT argued that Shiba Inu could be on a weak but steady uptrend, targeting a Pump 29% to $0.00004. From this point on, the Shiba Inu is expected to aim for even more ambitious levels, potentially surpassing its all-time high.
$SHIB slowly filling the bullish pattern. Target is greater than 0.00004 pic.twitter.com/Uw9Ql14vot
– $SHIB KNIGHT (@army_shiba) December 6, 2024
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.