Shiba Inu Could Rally 130%; SHIB Aims To Hit This Level

An analyst within the Shiba Inu community recently predicted that the meme coin could push back towards a high of around $0.000022 soon. The call comes even amidst SHIB’s slow activity over the past few weeks.

Shiba Inu has struggled below the $0.00001 range reached briefly this month after staging a muted 1% bounce over the last 24 hours. Prices currently hover around $0.000009483 as bears retain control over its recent price action.

However, analyst “SHIB Knight” showcased unwavering confidence via X that SHIB has a pivotal breakout brewing based on a reevaluation of charts and patterns.

Also read: Cryptocurrency: 3 Coins That Could Surge in March

Could SHIB hit $0.000022 soon?

The analyst highlighted how the current price area has capped SHIB dynamically since August 2022, preventing sustained rallies. However, upon reviewing weekly timeframe data, a tightening price structure looks to have formed, with SHIB carving out regular higher lows.

This appeals to the analyst who remarked, “It is close to breaking the resistance this time.” Unlike previous upswings that led nowhere fast this year, he believes existing chart patterns signal high odds of SHIB besting stubborn resistance over the coming months.

An initial upside projection calls for a 131% rally from the current $0.00000948 price to retest the $0.000022 level. More importantly, according to Knight, breaking past this barrier opens up further upside extensions thereafter.

Also read: Ripple Could Hit $7 If XRP Does This: Analyst

If Knight’s conviction around the brewing SHIB breakout plays out with a weekly close broadcasting the long-awaited capitulation, FOMO could ignite substantial upside velocity. The 128% move would require conquering resistance that thwarted buyers repeatedly across nearly two years now.

However, should selling pressure abate enough for this milestone to materialize, history shows meme coins like Shiba Inu can shock critics.

  • shib
  • shiba inu

Comments

Post a Comment

Popular posts from this blog

Gala Music Takes Over Grammys Weekend To Discover Tomorrow’s Biggest Artists

Image
Disclaimer: The Industry Talk section Features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. Los Angeles, California, 8th February, 2023, Chainwire Right before one of the biggest nights for recording artists, Gala Music, a global leader in Web3 music, ran an Open Mic event to find and celebrate undiscovered talent by holding auditions to win a career-making contract with the company. Up-and-coming musicians lined the street outside The Wayfarer LA for a chance to launch their careers with Gala Music. Over 50 artists had the opportunity to perform in front of a live audience at the event which also attracted the attention of music industry experts, including Leila Steinberg, artist mentor and first manager for superstar rapper Tupac Shakur.  Given the ethos of Web3 music, the top five performances shortlisted will be streamed and put to a community vote on Gala Music’s weekly Web3 music show “Top of the Drops”  Th
Read more

Both LUNC And USTC Defy Expectations In Remarkable Comeback

Image
Both LUNC and USTC have shown signs of recovery after their prices plummeted on December 5. LUNC and USTC saw their prices rise over the past day despite the global cryptocurrency market cap dropping by 3%. The ongoing LUNC burns and the new proposal concerning USTC minting could be behind the tokens’ recovery. Since December 5, both Terra Classic (LUNC) and TerraClassicUSD (USTC) experienced significant price declines. As a result, many in the industry were left wondering if the end has come for the Terra Classic cryptocurrency duo. However, heading into the new week, both cryptocurrencies were able to make a comeback. At press time, USTC was trading hands at $0.04247 after its price was able to rise by 1.36% throughout the past 24 hours. The token’s 24-hour trading volume also ended up surging by more than 280%, which left it settling at around $264,444,330. With regards to LUNC’s performance, CoinMarketCap indicated that the altcoin saw its price dip b
Read more

Bittrex’s Bankruptcy Filing Approved By US Courts

Judge Brendan Shannon has approved the liquidation of Bittrex exchange. The approval would allow Bittrex to carry out plans for winding down its U.S. operations. Bittrex’s U.S. arm filed for Chapter 11 bankruptcy protection in May 2023. Judge Brendan Shannon  approved the liquidation of crypto exchange Bittrex at a hearing in Delaware on Monday, October 30, permitting the company to proceed with its bankruptcy plans. The approval would allow Bittrex to carry out plans for winding down its U.S. operations.  According to the reports, the Securities and Exchange Commission (SEC) accused Bittrex’s American subsidiary of operating an unregistered exchange, and the company filed for Chapter 11 bankruptcy protection in May.  Following the development, the company settled with the SEC for $24 million in August. Details of the report showed that Bittrex filed for the Order on October 26, 2023. The crypto exchange subsequently revised the filing on October 27
Read more