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Title: Shiba Inu (SHIB) Poised for 1,529% Surge as Bullish Momentum Builds Up
A prominent crypto analyst has forecasted a potential surge of over 1,500% in the price of Shiba Inu (SHIB), citing ongoing bullish momentum and a reversal of its bearish structure. This prediction is consistent with previous assessments from other market commentators who have identified SHIB as a potentially lucrative investment opportunity.
MasterAnanda, a well-respected crypto analyst, has highlighted that while much of the market’s focus remains on Bitcoin’s recent record highs, SHIB may be preparing for a significant move of its own. The analyst emphasizes that SHIB has not yet fully entered its bullish phase, which may make it an attractive opportunity for investors seeking substantial returns.
As reported by Times Tabloid, Shiba Inu’s price action over the past few months has consistently displayed a bearish trend, with lower highs and lower lows confirming a downward structure. The token dropped from its March 2024 peak of $0.00004567 to a low of $0.00003074 and has remained within a descending triangle pattern ever since.
However, recent market trends suggest that SHIB is close to reversing this downtrend. A strong weekly candle indicates that sentiment may be shifting in favor of the asset, resulting in significant price gains. In fact, over the past week alone, SHIB has increased by approximately 19%, its strongest performance since early May.
Despite the current price improvement, it is essential for SHIB to break above the 200-day moving average (MA200), currently trading at $0.00001634. A decisive breach of this level would be a crucial step in confirming sustained upward momentum.
MasterAnanda has outlined multiple Fibonacci levels that may serve as potential targets for SHIB’s price action. The first target is set at $0.00003203, which corresponds to the 0.5 Fibonacci retracement level and represents an immediate breakout from the current descending triangle pattern.
If the token maintains its upward momentum, subsequent targets would be $0.00006767 (1.618 extension) and $0.0001032 (2.618 extension). The analyst views $0.0001032 as the baseline for a new all-time high this cycle.
Beyond that, additional bullish targets have been identified: $0.0001743 and $0.000220491, which reflect Fibonacci extensions of 3.618 and 4.618, respectively. These projections represent gains of approximately 1,183% and 1,529%, respectively, from the current trading price of $0.00001360.
It is worth noting that this optimistic forecast aligns with previous assessments from other market experts who have identified SHIB as a potentially lucrative investment opportunity.
In conclusion, while much attention remains focused on Bitcoin’s record highs, it is essential to consider the potential for an equally significant surge in SHIB’s price. The current technical indicators and renewed market interest suggest that a shift in sentiment may be underway, paving the way for substantial gains.
Source: timestabloid.com
