With Shiba Inu consolidating from its latest push to a multi-month high, a notable analyst has asserted that the token will target a further uptick to $0.00006937.
The second-largest meme coin by market cap has entered yet another consolidatory phase after a recent price outbreak. For context, Shiba Inu surged to an over eight-month high of $0.000033159 on the first day of December.
However, the meme coin has corrected over 10% from the multi-month high to its current market price. Notwithstanding, Shiba Inu is still up 19% in the past seven days as bullish sentiment persists.
Meanwhile, analyst TSLA Tracker has speculated on Shiba Inu’s next bullish upswing from the current price level. In a December 2 tweet, the commentator confirmed that he expects Shiba Inu to breach the $0.00006 price level.
Shiba Set for a 130% Surge to $0.00006937
TSLA Tracker stated that he likes the Shiba Inu price setup from here. He shared a chart indicating how the meme coin has nicely followed a clear price pattern.
Furthermore, the accompanying chart shows that the analyst expects further upsides for the meme coin. Specifically, the market speculator predicted a 134% surge from the current price level to $0.00006937.
Meanwhile, notable market analyst Javon Marks confirmed Shiba Inu’s bullish outlook. He tweeted that the meme coin’s surge to the multi-month price high is a show of strength.
As a result, Marks expects the bullish momentum to spur an uptrend close to its current all-time high. The commentator asserted that Shiba Inu’s next target is a 172% upswing to $0.000081.
Shiba Inu Analysis
With Shiba Inu giving up some of its latest gains, the market shows mixed indications for the meme coin. For context, its relative strength indicator on the 4-hour timeframe stands at 57.08, indicating the token has more upside before entering overbought territory.
However, the MACD indicator suggests a further bearish outlook for Shiba Inu as the MACD line widens from the signal line. The former stands at 0.00000088, with the latter at 0.00000104.
Meanwhile, Shiba Inu’s trading volume has dropped 55% to $2.73 billion in the past 24 hours, signaling reduced trading activity. Traders’ leverage appetite toward the token also dropped, with derivative volume slipping 53% to $715.5 million.
At the time of writing, SHIB trades at $0.000030225, up less than 1% in the past 24 hours.
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