Analyst Sets 6 Shiba Inu Targets that Could Boost SHIB by 997% to $0.000165

TradingView analyst Abmoon remains confident in a series of six Shiba Inu targets previously set by him, with an ultimate goal of a $0.000165 price.

The chartist’s latest update to his long-lasting analysis came on the back of a recent bullish report surrounding Shiba Inu. Notably, The Crypto Basic disclosed on July 1 that Kronos, a leading air purifying firm, became the first public company in the U.S. to support Shiba Inu payments.

Abmoon spotlighted this development in his analysis, attempting to bolster positive sentiments amid the ongoing downturn. The analyst noted that his Shiba Inu trade remains active, suggesting his conviction that the targets could still play out.

Six Shiba Inu Price Targets

Interestingly, he identified these targets in November 2023, when SHIB was still battling to recover $0.00001. At the time, Shiba Inu changed hands between a low of $0.00000816 and a high of $0.00000839. Despite the struggles below $0.00001 then, Abmoon expressed confidence in six lofty targets.

Accordingly, he disclosed plans to enter a trade that would culminate in these targets. This trade had an entry zone between $0.00000755 and $0.00001018. Notably, the first target, representing a 163% increase from the price then, ranged from $0.00002629 to $0.00002825. 

He then set the second target at a price between $0.00003778 and $0.0000399. This marked a 272% return at the time. In addition, the analyst projected an imminent spike toward $0.000065 to $0.00006773, a 545% increase. Meanwhile, the fourth target rests on $0.0000869 to $0.0000924, marking a 757% rise.

The fifth goal targets $0.000124 to $0.00013, while the sixth has a minimum target of $0.0001606. Abmoon set $0.000165 as the ultimate price target for his ongoing trade, a 997% rise from the current price. The trade has spanned over eight months, with a few of the targets already claimed and lost.

SHIB’s Battle to Claim These Targets

Shiba Inu hit the first and second targets during the impressive pump to $0.000045 in early March. The analyst confirmed this bullish move in an update on March 11. However, he emphasized plans to retain his trade, as he believes SHIB has more room for greater heights.

However, Shiba Inu has now lost both targets due to the ongoing downtrend in the broader crypto market. Yet, Abmoon is confident of a recovery push. This sentiment is shared by other analysts, with some expecting a pump toward $0.00003. Crypto Sheriff, another market watcher, sees an imminent increase back to $0.000045.

However, in its journey to recovery, The Crypto Basic called attention to multiple resistance levels SHIB needs to breach. Shiba Inu has broken above the lower Bollinger Band but is not yet clear of this level amid its readjustment. 

Nonetheless, currently trading for $0.00001508, the asset now has its eyes set on the 20-day SMA ($0.00001715). SHIB needs a mild 13% increase to breach this region. Should this occur, Shiba Inu could then gun for the upper Bollinger Band at $0.00001939, which would help it reclaim $0.00002.