Shiba Inu (SHIB) has had a rough few months, failing to meet some analysts’ expectations and falling victim to the broader crypto market slump. However, one TradingView analyst, Abmoon, remains a staunch believer in SHIB’s potential, holding firm to his previously established ambitious price targets.
Confident in His Call: Abmoon’s SHIB Price Targets
Back in November 2023, when SHIB struggled to break above $0.00001, Abmoon outlined a series of six progressive price targets culminating in a staggering $0.000165 – a near 1,000% increase from the price at that time.
Undeterred by SHIB‘s sluggish performance, Abmoon even initiated a trade based on these targets. The entry point ranged from $0.00000755 to $0.00001018, with the first target set between $0.00002629 and $0.00002825, representing a significant 163% jump. Subsequent targets progressively climbed higher, with the fourth target reaching a potential 757% increase and the fifth target aiming for a near 900% rise.
Reaching for the Stars: A $0.000165 Dream?
Abmoon’s ultimate vision has SHIB reaching a minimum of $0.0001606, with a dream target of $0.000165. This translates to an 862.6% increase from SHIB’s current price of $0.00001714.
A recent 17.66% surge over the past 24 hours has instilled a flicker of hope for SHIB investors. The meme coin has clawed back its losses from July 5th, potentially inching closer to Abmoon’s targets.
Looking Ahead: Can SHIB Recover?
It’s important to acknowledge the time frame. This trade has been ongoing for over eight months. While SHIB did hit some initial targets during a bullish period in March, the broader market downturn has caused a pullback.
Also Read: Shiba Inu on a Zero-Shedding Spree: Can it Hit $0.0001 (559% Up) or Even $0.001 (6491% Up) by 2027?
However, Abmoon remains optimistic about SHIB’s potential for recovery. The meme coin currently sits just below its 20-day SMA (Simple Moving Average), suggesting a possible upward trend.
Shiba Inu on the Move?
ChatGPT, a large language model, believes SHIB can reach Abmoon’s next target of $0.00002 by July 31st. Only time will tell if Abmoon’s ambitious targets will be met, but his unwavering confidence and SHIB’s recent upswing offer a glimmer of hope for believers in the meme coin.
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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