Shiba Inu (SHIB), the second-largest meme coin by market capitalization, has captured the attention of market analysts and investors with its recent price movement and technical indicators. Prominent crypto analyst TSLA Tracker (@SBZung) has expressed a bullish outlook, predicting that SHIB could surge to $0.00006937, marking a potential 132% increase from its current levels.
I like $SHIB a lot from here: pic.twitter.com/tq5XCbP7PT
— $TSLA Tracker (@SBZung) December 2, 2024
Bullish Momentum Supported by Technical Analysis
TSLA Tracker’s analysis highlights a promising price pattern that aligns with the Fibonacci 76.4% retracement level. His charted trajectory suggests SHIB has the potential to breach $0.00006 in the near term. Similarly, analyst Javon Marks supports this optimistic forecast, noting that SHIB recently broke out of a prolonged falling wedge pattern, a classic bullish signal. Marks anticipates a staggering 360% upswing, targeting $0.000081 as the next milestone.
Currently trading at $0.000032, Shiba Inu has gained 8% in the last 24 hours, demonstrating resilience after reaching a multi-month high of $0.000033159 on December 1. Indicators such as the Relative Strength Index (RSI), which sits at a healthy 57, suggest SHIB still has room to grow before approaching overbought territory.
Mixed Signals from MACD
While the RSI supports further upward momentum, the Moving Average Convergence Divergence (MACD) presents a more cautious outlook. The widening gap between the MACD and signal lines indicates lingering bearish pressure. However, the growing trading volume—up by 17.5% in the past day to $3.43 billion—reflects heightened investor interest, potentially offsetting the bearish signals.
Community Sentiment and Upcoming Catalysts
The Shiba Inu community remains overwhelmingly optimistic, with 89% of CoinMarketCap voters expressing bullish sentiment. This enthusiasm is fueled by the upcoming launch of the SHIB Decentralized Autonomous Organization (DAO), which aims to empower the community with governance decisions. Shiba Inu’s lead developer, Shytoshi Kusama, has urged users to remain vigilant as the DAO nears completion, underscoring its significance in the ecosystem.
Path to a New All-Time High?
At its current trajectory, SHIB is approaching its 2024 peak of $0.00004534. A breakthrough to TSLA Tracker’s target of $0.00006937 would not only surpass this level but also set the stage for challenging its all-time high of $0.00008845.
Also Read: Shiba Inu Lead Developer Warns of Shadowcats Targeting DAO: Is SHIB’s Decentralized Future at Risk?
While technical indicators offer mixed signals, the overall sentiment among analysts and the community leans bullish. With rising trading volumes, strong community support, and upcoming ecosystem developments, Shiba Inu appears well-positioned for a significant breakout. Whether it can achieve the ambitious targets remains to be seen, but the momentum suggests SHIB is a token to watch closely.
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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