Shiba Inus Historical Highs: Will They Be Broken Again?
Shiba Inu has broken out of a descending triangle pattern, a bullish technical indicator suggesting the potential for significant price increases.
SHIBs historical high of $0.0000888, reached in October 2021, could be revisited or surpassed due to current bullish momentum.
Shiboshis, the Ethereum-based NFTs within the Shiba Inu ecosystem, are set for a major overhaul, enhancing utility and offering new features and rewards to holders.
Shiba Inu, the popular meme coin is making great headway in the crypto market. The latest technical insights reveal a breakout of a descending triangle pattern, a bullish technical indicator often preceding a sharp price increase. Experts also gauge its historical highs and scope for future potential.
On October 28, 2021, Shiba Inu attained its all-time high of $0.0000888. This historical peak coincided with a pre-election bull run in the cryptocurrency market. With the current bullish momentum and the potential for another market-wide rally, some analysts speculate that SHIB could revisit or even surpass this historical high.
A deeper look into the tokens technical indicators suggests a bullish outlook. As per analysis shared by market experts, the latest charts show several bullish patterns in SHIB. These patterns, combined with the recent breakout, indicate that the token could be on the brink of a significant price surge.
One such pattern is the descending triangle, which is formed by a downward-sloping trendline and an upward-sloping trendline. When the price breaks out of this pattern to the upside, it often signals a strong bullish move.
Shiba Inu Target Price and Potential Returns
Based on current technical analysis, analysts estimate that SHIB could reach a target price of $0.000081. This represents a potential upside of over 351% from its current price.
While its important to note that the cryptocurrency market is highly volatile and past performance is not indicative of future results, the current bullish sentiment and technical indicators suggest that SHIB could be a promising investment for those who are willing to take on some risk.
Meanwhile, Shiboshis, th Ethrum-bsd NFTs within th Shiba Inu cosystm, is set for a major overhaul. The planned update includes nhncd utility, bringing dditionl fturs nd rols within th cosystm. Additionally, marketing specialist, Luci mntiond xclusiv vnts nd rwrds, llowing holdrs to rn nd ngg with th community in different wys.
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Read more: https://www.tronweekly.com/shiba-inu-will-they-be-broken-again/
Text source: TronWeekly
