Despite a recent 10% dip in Shiba Inu’s (SHIB) price, market sentiment remains optimistic as analysts predict a potential rally. SHIB, currently trading at $0.00002822, is testing a crucial trendline that has defined its price movements since 2021. If the token breaks this resistance, it could surge by 163% to approximately $0.000074, while failure could lead to a steep 62% drop to $0.000011, according to market analyst PouyanTradeFX.
Key Price Levels and Long-Term Trends
The weekly chart reveals SHIB’s persistent downtrend since hitting its all-time high of $0.00008616 in October 2021. A brief rally in March 2024 saw the token touch $0.00004567, but it has struggled to sustain upward momentum. As SHIB approaches a critical resistance level, its ability to break through could signal a major move in either direction.
Also Read: Shiba Inu Price Prediction: Could SHIB Rally 150% to Near All-Time High Despite Today’s 10% Drop?
Ambitious Predictions: Could SHIB Erase Another Zero?
Crypto analyst Crypto ELITES recently presented an even more bullish scenario, suggesting SHIB could rally nearly 1,700% to $0.00047905. This forecast is based on a cup-and-handle pattern observed on the weekly chart, a bullish formation signaling potential growth.
A key factor supporting this prediction is the declining Bitcoin Dominance, which has dropped from 61.5% in November to 56.5% currently. This shift indicates capital is moving from Bitcoin to altcoins and meme coins like SHIB, creating an environment conducive to substantial price increases.
SHIB / USDT Targets!
— @CryptoELlTES (@CryptooELITES) December 10, 2024
Here are my sequential targets for $SHIB:
1️⃣ 0.000085171
2️⃣ 0.000183312
3️⃣ 0.000472905
📈 The technical outlook is positive. As $BTC dominance decreases, SHIB will take the stage! 🔥
#SHIB #Shiba $Shiba #Altcoins pic.twitter.com/CXsRqObNq8
SHIB’s Resilience and Market Sentiment
Shiba Inu has gained 200% over the past year, outperforming many cryptocurrencies in the market. Despite recent volatility, analysts remain optimistic about the token’s future, citing strong community backing and potential capital inflows from altcoin investors.
However, risks remain. If SHIB fails to break its resistance, it could face significant downside pressure. As the market evolves, the token’s ability to sustain its momentum and overcome key levels will be critical in determining its trajectory.
Shiba Inu’s price action is at a pivotal point, with analysts highlighting both substantial upside potential and significant risks. While a breakout could signal a strong rally, investors should remain cautious and consider market dynamics before making decisions.
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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