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HomeCrypto NewsMarketTop Analyst Says Shiba Inu Poised for a Comeback Rally to $0.00004

Top Analyst Says Shiba Inu Poised for a Comeback Rally to $0.00004

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AJTrader, a widely followed analyst on TradingView, has argued Shiba Inu may be setting out for a powerful upswing toward the $0.00004 level again.

A key factor influencing this optimism is the seven-month downtrend and the recent uptrend that is gradually building momentum for SHIB.

Notably, Shiba Inu experienced a collapse of over 76% since its peak in March, coming dangerously close to dropping another zero in August. However, a reversal of this downtrend has been underway, gaining momentum in September.

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For instance, SHIB reached its lowest value for September at $0.00001238 on the sixth day of the month. Three weeks later, Shiba Inu achieved its highest price for the month at $0.00002156, marking the highest value the meme coin has seen in three months.

Amid Shiba Inu’s impressive performance in September, it surpassed a seven-month-long trendline, as illustrated in AJTrader’s chart. Although the altcoin has dipped to $0.000015 since its September peak, the price action remains above the resistance trendline.

Shiba Inu chart TradingView
Shiba Inu 1D Chart | AJTrader

Shiba Inu to $0.00004

In his commentary on this trajectory, AJTrader noted that Shiba Inu’s next successful attempt to recapture the $0.00002 region could provide the meme coin with enough momentum to break higher resistance levels at $0.00004.

At the time of reporting, Shiba Inu was exchanging hands at $0.0000178, reflecting a 5% drop from the higher threshold of $0.00001909 it traded at the previous day. From the current level, reaching $0.00004 would require a growth of 124.72%.

Other Bullish Shiba Inu Targets

Interestingly, AJTrader is not the only TradingView analyst bullish on Shiba Inu. Another market watcher has suggested a potential price surge of up to 400%, which could drive SHIB’s value to $0.00007, a high last seen three years ago.

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However, analyst Klejdi Cuni on TradingView has highlighted that the path toward $0.00004 or $0.00007 may not be straightforward. Cuni outlined immediate resistance levels at $0.000019 and $0.00002, which, if surpassed, could open the door for higher levels.

Shiba Inu Bearish Signals

Meanwhile, while these analysts are seeing bullish signals in Shiba Inu’s current pattern, analyst Edward Fibonacci has identified a head-and-shoulders pattern on SHIB that signals a warning for a potential major correction. Edward noted that if Shiba Inu breaks below the $0.000015 level, it could continue on a downward spiral to $0.0000094.

DisClamier: 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 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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Abdulkarim Abdulwahab
Abdulkarim Abdulwahabhttp://thecryptobasic.com
Abdulkarim Abdulwahab is a seasoned crypto journalist who has established himself as a trusted voice in the world of blockchain and Web3. His extensive knowledge of the crypto space enables him to break down complex concepts into accessible language.

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