This Historical Support Could Trigger a 200% Surge for Shiba Inu: Analyst

A veteran trader predicts a potential 200% surge for Shiba Inu, based on a major historical daily support.This analysis comes during a time when the price of Shiba Inu (SHIB) continues to fluctuate, with notable spikes and declines. Currently priced at $0.00001252, the coin has seen a 0.84% drop in the last 24 hours but a 4.39% increase over the past week.Despite these short-term swings, a veteran analyst on TradingView, "MMB Trader," has hinted at the possibility of a strong and significant pump phase for Shiba Inu.Shiba Inu Price Could Reach $0.000037In his commentary, MMB Trader shared a chart showing that historically, Shiba Inu has demonstrated substantial price increases, most notably in 2021. During this period, SHIB surged by an impressive 1,089%, rising from $0.000005 to $0.00008026 in weeks. However, the memecoin retraced to consolidate near $0.000005 by June 2022.A more recent rally in 2024 also saw SHIB rise by 391.74%, moving from $0.00001 to $0.000045 in less than two weeks. Similar to the previous phase, Shiba Inu lost all the gains from this historic run. In particular, it crashed to just above $0.00001 this month, although it has rebounded to $0.000012. Meanwhile, Shiba Inu's dramatic price movements of 2021 and 2024 share a common factor: a key daily support zone. In the current cycle, SHIB bounced off the 2024 support level at $0.00001 earlier this month, signaling potential strength at this price level. Hence, the analyst points to the next resistance level at $0.00002562. The analyst anticipates the possibility of another bull run, with expectations of over 200% price increase for Shiba Inu. A further rise could occur if the red resistance zone on the chart breaks to the upside.If SHIB experiences a 200% price increase from its current price of $0.00001252, it could reach $0.000037.

Shiba Inu Price Prediction | Source: TradingView

Further Bullish Stance on Shiba InuSeparately, prominent crypto and forex trader Lars Kooistra shared a positive outlook on Shiba Inu. Kooistra revealed that he has taken a long position on SHIB, citing the high probability of a rally based on the TCT model 1 accumulation schematic observed on higher timeframes. This model suggests that SHIB is poised for an upward move.Interestingly, Kooistras analysis also highlights a noticeable price correlation between Shiba Inu and XRP. Despite this, SHIB's bullish momentum appears stronger, as its price continues to trend upwards compared to XRP.Long-Term Holding BehaviorIntoTheBlock's ownership data, particularly the Addresses by Time Held data, further complements the bullish narrative. A chart shows an increase in long-term holders, those who have held SHIB for over a year. This group has grown by 2.07%, indicating a strong belief in SHIB's long-term potential. Meanwhile, medium-term holders, or those who have held SHIB for 1 to 12 months, have decreased by 4.17%. The decline in short-term traders, down by 16.78%, further underscores a shift in market behavior, with more investors opting to hold SHIB for extended periods.

Shiba Inu Addresses by Time Held Data

Text source: The Crypto Basic

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