The Shiba Inu has gained over 19% from its $0.00002081 price point at the beginning of the month. The current price action indicates that the cryptocurrency is on track for an interesting price rally in the coming weeks. According to one crypto analyst, SHIB could actually increase in price by 120% after exiting the current consolidation.
Crypto analysts say there is a massive boom
SHIB started a price correction shortly after reaching 0.00003556 in early March. The bullish investor sentiment surrounding meme cryptocurrency at the time quickly turned bearish. This caused SHIB to drop to $0.00002117 in mid-April, representing a 40% price correction in those two months. Interestingly, this was the worst drop in SHIB price since the collapse of Terra Ecosystem in May 2022.
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As noted on an 8-hour timeframe chart shared by crypto analyst World of Charts on social media platform X, SHIB has been on the integration channel for the past two months. However, analysts predict a bullish breakout to create a strong bullish wave that sends SHIB holders to profit margins of between 100% and 120%.
100-120% Bullish Wave Expected Solid Bullish Wave Combining Bullish Flag in H8 Timeframe of Successful Breakout#Crypto #Shib pic.twitter.com/vfLClaexvu
— World of Charts (@WorldOfCharts1) 3 May 2024
Interestingly, another look at the chart shared by World of Charts shows that the analyst is open to higher price gains in the long term. The last price target shown on the chart is $0.00009500, which is a 280% target from the current price level.
Can a Shiba Inu Push Up?
This is an indicator that the Shiba Inu has recently made a higher low on the weekly timeframe Bulls will be available upper hand Despite past declines, more than 56% of SHIB holders remained in profit Many long-term holders chose to hold their tokens. At the time of writing, SHIB is trading at $0.00002489 and is up 6.4% over the past seven days. This price hike has simultaneously increased the number of SHIB holders to 61%.
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Many of the addresses that have recently moved into profit margins indicate that the majority of investors are not taking profits Price increase is expected in May. A catalyst that could cause the price to rise further Recent partnerships between PayPal and MoonPay which will allow PayPal users in the United States to easily purchase the dog-themed cryptocurrency.
Popular crypto analyst Ali Martinez SHIB also predicted a rise in prices Based on the bull flag recently seen on the token’s price chart.
SHIB falls after brief recovery | Source: SHIBUSDT on Tradingview.com
Featured image from Times Tabloid, chart from Tradingview.com
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