Top trader Dexter predicts Shiba Inu (SHIB) could reach a long-term target of $0.00015 despite current market challenges.
The crypto market has been in an uptrend for several consecutive days this week, but Shiba Inu has yet to capitalize on the booming market fully.
Shiba Inu is hovering around $0.00001343 at press time, advancing by just 1.27% in the last 24 hours. This price point is an improvement from SHIB’s dip into the $0.000012 range on Wednesday.
However, looking at SHIB on the weekly and monthly timeframes, the token shows an unimpressive price trajectory, with more bearish days than bullish ones.
Recent market data indicates that retail investors are fleeing SHIB for better-performing rival meme coins.
Despite Shiba Inu’s recent lackluster performance, prominent traders remain optimistic. They look back at the meme coin’s history to remain confident about future price action.
In a recent TradingView analysis, market watcher Dexter highlighted Shiba Inu’s potential to cancel another leading zero in the coming months. He emphasized that Shiba Inu was one of the pioneers in the early days of meme coins, setting the tone for frenzied price growth.
While some other meme coins from that time have disappeared into oblivion, Shiba Inu remains a significant player in the market, boasting a market cap of over $7.78 billion.
In his commentary, Dexter acknowledged Shiba Inu’s current downtrend, pointing out that its price is approaching the support range of $0.00001076 to $0.0000120.
He emphasized that for SHIB to regain momentum, it must maintain this support level and rally toward the resistance trendline.
Bearish Targets for Shiba Inu
According to Dexter, failure to hold this support could likely trigger a drop to the lower support level of $0.000007.
For context, Shiba Inu was last seen at this price point in the final quarter of 2023. Moreover, a drop to this level from its current price would result in a fresh loss of over 47%, further worsening the decline from its yearly high of $0.000045 hit in March.
Meanwhile, a drop to $0.000007 is not even his worst-case scenario for SHIB, as Dexter has outlined a second accumulation range of $0.0000056 to $0.0000071 for SHIB enthusiasts.
His first buyback range is the $0.00001076 to $0.0000120 levels, which Shiba Inu has continued to test since last month.
Long-Term Target of $0.00015 for SHIB Holders
On the flip side, Dexter identified promising targets for SHIB enthusiasts to watch out for. Specifically, he outlined a bullish price range of $0.000089 to $0.00015 as the long-term target for holders.
Notably, even the lower range of this prediction surpasses Shiba Inu’s all-time high, suggesting the potential for SHIB to set new records in the coming months.
He emphasized that his insights are strictly for educational purposes and not financial advice.
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.
