Bitrabo Editorial
An expert in the crypto space has forecasted a significant bullish trend for Shiba Inu (SHIB), a cryptocurrency with a dog theme. The expert has highlighted a new technical pattern emerging for SHIB, suggesting a potential surge to reach new record highs.
SHIB Aims for a Higher Target
An analysis shared by a crypto and Bitcoin analyst known as ‘Clifton Fx’ on X revealed a price chart for Shiba Inu against Tether (USDT), illustrating the next price target for this popular meme coin. The analysis showcased a fresh technical trading pattern observed in SHIB’s price movements, emphasizing a bullish pennant formation seen in the daily timeframe.
A bullish pennant formation typically occurs post an uptrend, indicating a possibility of continued strong upward momentum. It signifies a phase where investors accumulate assets before a bullish breakout, indicating a potentially rising value for a cryptocurrency.
According to Clifton, the current bullish pennant formation for Shiba Inu hints at a potential breakout of around 50% to 60%, supported by growing trading volume and positive market sentiment surrounding the meme coin. The analyst’s price chart, covering Shiba Inu’s price actions between January and May 2024, suggests a significant increase up to $0.00004 before June 2024.
Another crypto analyst, Ali Martinez, has put forth a more conservative price target for Shiba Inu, forecasting a 20% increase to $0.00002954 in the near future based on the coin’s potential to break through the upper boundary of a descending parallel channel at $0.00002444.
Strengthening Fundamentals of Shiba Inu Price
Clifton’s positive outlook on Shiba Inu coincides with the coin’s recent performance, showing new gains and reinforcing its overall market stability. As of now, SHIB is trading at $0.000025, reflecting a 6.18% increase in the last 24 hours.
Previously, Shiba Inu had been hovering around the $0.000024 mark for weeks, experiencing continuous drops due to market fluctuations and general sentiment surrounding meme coins. Consequently, other meme coins like Dogecoin (DOGE), Pepe (PEPE), and Dogwifhat (WIF) are currently witnessing substantial daily gains, indicating a renewed investor interest in meme coins.
Moreover, over the past week, Shiba Inu’s price has surged by over 6%, accompanied by a remarkable 134.85% increase in its trading volume to approximately $914.2 million within just 24 hours.