Cryptocurrency analyst The Cryptagon has offered an optimistic view on the Shiba Inu price. The analyst disclosed that the meme token is poised to rebound from an upward triangle, which could propel its price to its present all-time high (ATH) and perhaps exceed it.
Shiba Inu Price Set to Bounce From Ascending Triangle and Surge to ATH
In a TradingView post, The Cryptagon indicated that the Shiba Inu price is rebounding off the 3.5-year triangle. He mentioned that the 1-week Relative Strength Index (RSI) follows a similar pattern as it did between February and May 2023, which ultimately resulted in a price increase of over 661%.
His supporting chart indicated that the Shiba Inu price could once again rise to its current ATH as it breaks out from the triangle. This ascent represents approximately a 700% gain, akin to the price increase that SHIB experienced in 2023. The meme token must surpass the significant resistance at around $0.000035000.
The Cryptagon noted that given that the Shiba Inu price formed a double bottom pattern last week, similar to the low in August 2024, this represents a “‘distinct long-term opportunity.” He encouraged market players to buy and aim for SHIB’s anticipated climb to $0.00008450.
Cryptocurrency analyst Javon Marks also recently projected that the Shiba Inu price might surge to the $0.000081 range. He observed that this breakout target remains consistent as SHIB’s price continues to maintain the breakout level and is rising since showing sensitivity to this breakout. Therefore, he is optimistic that a rally of over 500% to reach this price target could still unfold.
The Optimistic And Pessimistic Outlook For SHIB
Cryptocurrency analyst Crypto Sat has presented both a bullish and bearish projection for the Shiba Inu price. Initially, he pointed out that SHIB’s 1-hour chart reveals a falling wedge, which is a bullish reversal pattern. For the optimistic stance, the analyst suggested that a breakout above $0.00001260 could initiate a surge towards $0.00001280 or even $0.00001320. He stated that SHIB could travel even higher with increased buying momentum.
Conversely, regarding the pessimistic scenario, Crypto Sat mentioned that if the Shiba Inu price holds $0.00001260 as resistance and does not break out, the meme token could decline towards $0.00001220 before making another attempt. He cautioned that a drop below the $0.00001220 would nullify this formation.
The cryptocurrency analyst further assured that SHIB remains one of the most robust meme tokens, especially with promising fundamentals like the Shibarium developments and ongoing token burns, which enhance long-term potential. Crypto Sat reiterated that the Shiba Inu price is nearing a crucial breakout zone. If the Bulls dominate, he is confident that SHIB could experience a significant upward movement.
As of the time of writing, the Shiba Inu price is trading around $0.00001261, having declined in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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