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Shiba Inu price is flashing bullish signals and could pave the way for an astounding 130% rise to new levels. A cryptocurrency analyst highlighted the pattern of higher prices, cementing his optimistic price prediction that a surge in SHIB’s price is imminent.
Shiba Inu prices to increase by 130%
Klejdi Cuni, Cryptocurrency Analyst at TradingView, published a detailed chart analysis showing a bullish setup for Shiba Inu price. The chart shows an oval upward trend, with Shiba Inu consistently making new highs on a daily basis.
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Source: TradingView
The analyst revealed that Shiba Inu has repeatedly faced strong support around $0.00002424 for about a month. A retest of this support level indicates an accumulation zone where buyers will continue to intervene to avoid further price declines.
While sharing the price graph, the analyst set some upside targets as Shiba Inu continues its bullish trajectory. The steep upward curve on the chart also indicates that SHIB price may enter a strong parabolic rise after breaking through the key resistance level.
Cuni predicts a steady but significant rise in Shiba Inu's price, predicting that the meme coin could soar 130% and reach the initial short-term resistance target of $0.00003232. I am doing it. The analyst also predicted that Shiba Inu could reach the second target of $0.00004167.
If Shiba Inu can maintain its bullish momentum and break above $0.000041, Cuni believes it could significantly break through the third target of $0.00005675. Finally, TradingView analysts representing the highest target on the price chart predict a significant rise to $0.00007012.
Achieving these bullish price targets would be an important milestone for Shiba Inu's price, but it would still be well below the memecoin's all-time high of $0.000086. This all-time high was achieved during the 2021 bull market, when demand and prices for meme coins skyrocketed dramatically.
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Kuni explained that the Shiba Inu has already achieved its first planned goal. However, despite being a meme coin, Shiba Inu has not shown the same price movement as other meme coins on the market.
Analysts say SHIB ATH is coming
According to CoinMarketCap, Shiba Inu price is currently trading at $0.000028 after dropping 8% over the past week. Memecoin has been one of the biggest gainers in this bull market, recently surging above $0.00003. With current price trends hinting at a possible reversal, a prominent cryptocurrency analyst called 'The CryptoBull' has predicted that the Shiba Inu could reach new all-time highs in this bullish cycle. .
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Source: TradingView
The analyst shared a graph showing Shiba Inu price changes from May 2022 to the present in a post on X (formerly Twitter). Analysts suggest that if Shiba Inu breaks above $0.00003285, Memecoin could explode to $0.00008852 and a new ATH could be created.
SHIB price remains at $0.000028 | Source: SHIBUSDT on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
