The cryptocurrency market remains in a downturn, but optimism around Shiba Inu (SHIB) is mounting, with analysts suggesting a potential breakout for the meme coin. Proponents believe the market momentum could extend well into 2025, sparking renewed interest in SHIB’s price movements.
SHIB at a Critical Crossroad
According to analyst PouyanTradeFX on TradingView, SHIB is testing a significant trendline that has persisted since its all-time high in October 2021. The meme coin, which peaked at $0.00008616, has struggled within a long-term downtrend. However, PouyanTradeFX’s recent analysis indicates that SHIB could break out of this resistance.
Using a weekly candle chart, the analyst highlights SHIB’s potential to rally over 150%, surging from its current price of $0.00002795 to approximately $0.000074. This optimistic outlook hinges on SHIB successfully breaking the trendline that has suppressed its growth for years. Conversely, failure to break the resistance could result in a steep 62% drop to $0.000011.
PouyanTradeFX’s insights resonate with other bullish projections, as market watchers eye SHIB’s movements with heightened anticipation.
Could SHIB Erase Another Zero?
Adding to the excitement, another prominent analyst, Crypto ELITES, shared an analysis on December 11 predicting an even more dramatic rally for SHIB. Drawing from a cup-and-handle chart pattern on SHIB’s weekly chart, Crypto ELITES envisions a staggering 1,700% surge, pushing SHIB’s price to $0.00047905. The analyst attributes this potential growth to a rotation of capital from Bitcoin to altcoins and meme coins, driven by Bitcoin Dominance dropping from 61.5% in November to 56.5% at present.
A Bullish Year for SHIB
Despite broader market challenges, SHIB has already gained 200% over the past year, signaling strong investor interest. With multiple analysts presenting bullish scenarios, SHIB’s price trajectory will depend on breaking key technical levels and broader market trends. If these predictions hold, SHIB could be poised for one of the most remarkable rallies in its history.
Also Read: Shiba Inu’s Shytoshi Kusama Sets the Record Straight on Token Burns and SHIB’s Growth Strategy
The coming weeks will be critical for SHIB as it attempts to capitalize on the growing altcoin momentum, potentially setting the stage for a blockbuster 2025.
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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