The price of Shiba Inu continued to rise on Saturday, as analysts anticipated big moves, with some expecting it to double, similar to that of Dogecoin.
Analyst Expects Shiba Inu Price to Break Out
SHIB price was trading at $0.00002735 on November 23, up 152% from its lowest point in August this year. This rally took its market capitalization to over $16 billion, making it the second largest coin after Dogecoin.
A crypto analyst believes that the price of Shiba Inu could see a sharp rise in the coming days as it mirrors the performance of Dogecoin. Dogecoin Price outperformed Shiba Inu as it surged almost 500% from its August low.
If SHIB replicates Dogecoin’s performance, it expects it to reach $0.000049, approximately 85% above the current level.
Other analysts are optimistic that the Shiba Inu will rebound in the coming days. In an X article, Fortune, an analyst with over 35,000 subscribers, identified the falling wedge pattern the coin formed on the daily chart and hinted that it would soon experience a bullish breakout.
In the meantime, Perpetual trading noted that Shiba Inu price was “recharging and ready to go,” pointing to more near-term gains.
SHIB Price has supporting techniques
The daily chart indicates more gains as the coin formed a golden cross pattern with the 50-day and 200-day moving averages crossing in late October. It has remained consistently above both moving averages.
Shiba Inu also formed a cup and handle chart pattern, a popular bullish continuation sign. This model is characterized by a rounded bottom and an upper part of $0.000030. The recent pullback between November 12 and 16 was part of the handle section.
Therefore, by measuring the distance between the lower and upper sides of the C&H pattern, which is 168%, we can estimate that SHIB will peak at around $0.00007236. A conservative target would be a 100% jump from the current level.
The fact that the coin has surpassed the 50% Fibonacci retracement level at $0.000026 also supports the bullish breakout. Additionally, the Market Value to Relative Value (MVRV) indicator indicated an increase.
The bull SHIB Price Forecast will become invalid if the coin falls below the lower side of the C&H pattern handle at $0.2280.
Frequently Asked Questions (FAQ)
Technical data suggests that Shiba Inu price could go parabolic in the coming months. If this happens, the next point to watch will be the yearly high of $0.000045.
The stop-loss for the bullish outlook sits at $0.2280, the lower side of the handle section of the cup and handle pattern.
Shiba Inu has a market capitalization of $16.8 billion, a figure that could double if the coin continues its strong rise.
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Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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