Shiba Inu: Analyst Predicts Explosive 7,379% Rally
Shiba Inu, the meme coin that took the world by storm in 2021, could be on the brink of another explosive rally, according to TradingView analyst Krao. Despite its current stagnation, Krao remains bullish, predicting that SHIB could hit $0.001 in the coming monthsa staggering 7,379% increase from its current price.
Kraos confidence stems from a key pattern hes observed on the monthly chart. Since peaking at an all-time high of $0.00008854 in October 2021, Shiba Inu has been stuck in a multi-month downtrend. This descending trendline has held the coin back, trapping it in a consolidation phase with minimal movement between $0.000005 and $0.00003.
Kraos analysis highlights this trendline as the primary obstacle to SHIBs resurgence. However, he expects a breakout to occur by January or February 2025, catapulting SHIB to the psychological milestone of $0.001. This would mark a spectacular reversal from its prolonged downturn.
The technicals bolster Kraos case. Shiba Inus volume, although fluctuating, has leveled off in recent months. Meanwhile, the monthly Relative Strength Index (RSI) is sitting near neutral, signaling that SHIB is neither overbought nor oversold. These factors indicate that the coin might be preparing for a significant move.
Shiba Inus Technical Patterns and Key Levels
Kraos prediction hinges on Shiba Inu breaking through its descending wedge patterna structure often associated with reversals or powerful breakouts. Should this happen, it could trigger a buying frenzy, pushing the coin toward his ambitious $0.001 target.
In the short term, the daily chart presents a different story. SHIB is currently forming a symmetrical trianglea pattern marked by converging trendlines that reflect a tug-of-war between buyers and sellers. The battle is heating up as prices squeeze between higher lows and lower highs, signaling an impending breakout.
At the time of writing, Shiba Inu hovers near the pivot level of $0.00001337. A push above the first resistance level at $0.00001562 could open the door to further gains. On the flip side, failure to break this resistance could send the coin tumbling toward support levels at $0.00001154 and $0.00001028.
Shiba Inus future hinges on breaking through its long-standing descending trendline. Kraos analysis suggests the coin is nearing a tipping point, with the potential for a monumental 7,379% rally. However, this prediction rests on SHIBs ability to muster enough bullish momentum to overcome key resistance levels.
Investors should keep an eye on the $0.000015 range as a crucial indicator of whether SHIB can make its next big move. If Kraos forecast holds, Shiba Inu could once again captivate the crypto world.
Read more: https://www.tronweekly.com/shiba-inu-analyst-predicts-explosive-7379/
Text source: TronWeekly
