Prominent community analyst SHIB Knight believes Shiba Inu may set a new history this month, with the $0.0001 target in sight.
Shiba Inu bulls ran out of steam after reclaiming a two-month high five days ago. However, SHIB has flashed positive signs of recovery over the past few hours, erasing losses incurred in the last 24 hours.
Specifically, Shiba Inu has hit a new daily high of $0.00002519, up by 4.57% from the drop to $0.00002409, its lowest point since the brief rally to approximately $0.00003 last week.
Amid this notable comeback, analysts like SHIB Knight have issued their expected targets for Shiba Inu in a full-flown frenzy, as witnessed in March.
Shiba Inu to $0.0001 this June?
In an update on X, SHIB Knight boldly asserted that Shiba Inu is on track to claim $0.0001 this month. The community analyst sees $0.0001 as the next threshold for Shiba Inu should the asset ultimately break out from the two-month downtrend.
$SHIB to 0.0001 this June!
Why not? 👀🚀 pic.twitter.com/sLh2TXIVzU
— $SHIB KNIGHT (@army_shiba) June 3, 2024
The analyst’s confidence in his target stems from the accuracy of some of his past projections for SHIB that materialized.
For instance, on Feb. 22, while Shiba Inu was trading at $0.0000097, SHIB Knight predicted that the asset would reach a 12-month high of $0.000014 with a 52% rally, based on the formation of symmetrical triangles on the Shiba Inu chart.
In a subsequent update, the analyst outlined $0.000022 as an even more promising target to watch out for. Remarkably, this projection came true within a few days. Since Shiba Inu reached $0.000014 in late February, it has not returned to that level, even after severe price corrections.
Now, SHIB Knight believes that $0.0001 is possible for SHIB this June. Notably, reaching $0.0001 would set a new record for the meme coin, as SHIB’s all-time high (ATH) is $0.00008845.
To achieve $0.0001, Shiba Inu needs to rally by 300%. This percentage growth is not too formidable for SHIB, considering it soared by 373% in less than ten days between late February and early March.
Other Market Watchers Agree
Moreover, the $0.0001 target is not an isolated outlook. Other analysts have predicted a similarly bullish future for Shiba Inu. Eunice Wong recently suggested a potential “second leg” rally that could see SHIB reach $0.000125.
Likewise, analyst Javin Marks proposed that a rebound to $0.000081 could pave the way for an increase to $0.0001553.
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