Shiba Inu (SHIB), the popular meme coin, has been on a rollercoaster ride in recent months. But for savvy traders who heeded the warnings of analyst Alikze on TradingView, the downtrend wasn’t a surprise. Now, Alikze is back with a new prediction: a potential surge towards $0.000059.
Back in May, when SHIB was still trading above $0.00002, most analysts were predicting a climb to $0.00003. Alikze, however, saw a different picture. He warned of steeper drops and presented three possible paths for the meme coin, all leading to an eventual target above $0.00005.
Alikze’s analysis laid out three scenarios: a direct climb to $0.00005, a retest of a support level around $0.00002 followed by a surge, and a breach of that support level. As it turned out, the third scenario materialized, with SHIB dropping below the predicted zone and currently hovering around $0.000017.
A Second Look at the Price Target
Despite the recent decline, Alikze remains bullish on SHIB. He predicts an imminent recovery, with steeper drops to a new support level around $0.00004 before a launchpad for a rally. This rally, he believes, could propel SHIB back to the $0.00005 territory, specifically a range of $0.00005387 to $0.00005937 – a price last seen in November 2021.
Supporting the Upswing
Several factors could fuel this potential upswing. The ongoing trend of exchange net outflows, with investors moving SHIB out of exchanges, suggests a growing appetite for holding the token. Additionally, technical indicators like RSI dipping into oversold territory hint at a potential price reversal.
Also Read: Can Shiba Inu defy the Odds Again? Historic July Rally Eyed as SHIB Price Jumps 33%
Eyes on the Future
While Alikze’s prediction isn’t the only optimistic one for SHIB, his past accuracy adds weight to his current outlook. Only time will tell if SHIB can defy the odds and reach the predicted price point, but one thing’s for sure: the meme coin continues to be a subject of close market watch.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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