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Shiba Inu (SHIB) Poised for 1,529% Surge as Bullish Momentum Builds Up
Cryptocurrency enthusiasts have been eagerly awaiting a reversal in the fortunes of Shiba Inu (SHIB), and it appears that moment may be upon us. A prominent crypto analyst has come forward with a bold prediction: SHIB is poised to surge by an astonishing 1,529% as bullish momentum takes hold.
While many investors remain fixated on Bitcoin’s record-breaking highs, SHIB may be primed for its own remarkable turnaround. Notorious crypto analyst MasterAnanda has been vocal about his expectations for the meme-based token, which has thus far struggled to recover from a protracted period of downward pressure.
In stark contrast to other assets that have already made significant gains, SHIB’s current price action suggests it is still in the early stages of its bullish phase. The analyst’s forecast calls for a rally that would erase another zero from the token’s value, sending it hurtling towards previously uncharted territory.
It’s worth noting that SHIB has been stuck in a descending triangle pattern since its peak in March 2024, when it reached $0.00004567. Despite this downturn, the token has managed to claw back some ground, posting a strong weekly performance of roughly 19%. This increase is one of the most significant weekly gains seen by SHIB since early May, and hints at a potential shift in market sentiment.
While SHIB remains below its 200-day moving average (MA200), which currently stands at $0.00001634, this indicator typically serves as a crucial threshold for determining the broader trend’s direction. A decisive break above this level would be instrumental in confirming sustained upward momentum.
MasterAnanda has also pinpointed specific Fibonacci retracement and extension levels that could serve as pivotal support or resistance points. The initial target is $0.00003203, which aligns with the 0.50 Fibonacci retracement level. Further price targets include $0.00006767 (1.618 extension) and $0.0001032 (2.618 extension). It’s essential to note that this optimistic outlook aligns with previous projections from other market commentators.
The prediction outlined by MasterAnanda represents a remarkable 1,529% increase over the current trading price of $0.00001360.
Source: timestabloid.com
