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HomeCrypto NewsMarketShiba Inu Eyes $0.000051 Price Target After Breakout From Downtrend

Shiba Inu Eyes $0.000051 Price Target After Breakout From Downtrend

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Notable analysts suggest that Shiba Inu holders can look out for a 120% surge that could drive SHIB to $0.000051 after breaking out from its downtrend.

In the last few days, Shiba Inu has continued to print gains for holders, registering an 11% growth in its one-week trajectory. Moreover, at the price of $0.00002501, Shiba Inu has erased all losses of April, boasting a cumulative gain of 15% over the last 30 days.

Amid this commendable performance, multiple analysts have reasons to believe Shiba Inu has yet to begin its uptrend. Widely followed pseudonymous analyst “World Of Charts” expressed this view in a recent post on X. 

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Shiba Inu to $0.000051 

In the post, the analyst presented a chart illustrating that Shiba Inu continues to trade within a descending channel, suggesting its breakout from the bearish trend has yet to be confirmed.

Meanwhile, he suggested that a successful reversal from the trend has massive potential for SHIB holders. He proposed a 120% surge that would increase SHIB’s market value by $0.00002912, putting the asset back at the $0.000051 price level.

Notably, the bearish period under scrutiny is Shiba Inu’s downturn since the March frenzy that took the asset above $0.000045. The SHIB patterns that followed depict a notable consolidation with lower highs. This trend has endured for over two months, and analysts believe it is due for a reversal.

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In a separate analysis, market watcher Davie pointed out a similar configuration on the Shiba Inu chart, which suggests an impending bullish breakout. Like World Of Charts, Davie presented a graph proposing the $0.00005 threshold as Shiba Inu’s next target.

Essentially, these propositions suggest that SHIB holders can anticipate their holdings doubling in the coming days.

SHIB to Break $0.00015 Next Month?

In response to these forecasts, a Shiba Inu proponent suggested that the impending upsurge is much closer than many expect. Specifically, this individual argued that the Shiba Inu surge could unfold by June, the next three weeks.

He proposed that SHIB could see an even more dramatic six-fold increase, taking it above $0.00015 with his projected timeline. This audacious prediction draws from Shiba Inu’s March performance, where SHIB experienced an over 3X rise in under ten days. 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Abdulkarim Abdulwahab
Abdulkarim Abdulwahabhttp://thecryptobasic.com
Abdulkarim Abdulwahab is a blockchain writer with a specific interest in journalistic writing. He covers breaking events in the crypto community and blockchain industry. Over the past year, he has published over 1,500 short-form and long-form content for Web3 publishing firms.

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