As the crypto market recovers from a sharp decline yesterday, a leading market analyst is predicting that Shiba Inu is aiming for a massive 235% rise to a new yearly high.
For comparison, crypto enthusiasts were in for a scare yesterday after Bitcoin fell over 10% in two days to around $93,000. The capsize triggered a hemorrhage in the altcoin market Shiba Inu Retesting the main support around $0.0002.
However, the dog-themed token has proven resilient and rebounded strongly from support. Shiba Inu is up 28% from yesterday’s low of $0.0000185 and has gained 6% this morning, taking the price above $0.000238.
Analyst expects further upside
Meanwhile, well-known market analyst Dollars Maker has claimed that Shiba Inu has even more upside potential from here. In a current one TradingView In his commentary, the pseudonymous trader noted that he would open a long position with an entry around the December 20 price lows.
Additionally, he predicted three upside targets for Shiba Inu, including a 235% rise to $0.00005816. However, he did not give a timetable for implementation.
Dollars Maker speculated that Shiba Inu would pursue its first target, a 92% increase to $0.00003339. Furthermore, the meme coin is expected to rise by 163% to $0.00004566 before finally rising by 235% to $0.00005816. This third target would mark a new annual high for SHIB, surpassing the March 2024 peak of $0.000045.
Analyst expects higher prices
Meanwhile, comments from other analysts show that Shiba Inu is targeting higher prices in the near term. One of the analysts is Klejdi Cuni, who believes that Shiba Inu is it shows promising signs.
The market commentator claimed that the positive sentiment surrounding the Shiba…
