A widely followed technical analyst has boldly declared that Shiba Inu is now breaking out of its extended three-year downtrend, setting its sights on an all-time high run.
Notably, the price of Shiba Inu is experiencing significant improvement in December, unlike last month when it lagged behind the broader bull run in meme coins. In November, top meme coins like Dogecoin came close to breaking their previous cycle peaks. Others, like BONK, even set a new all-time high.
However, Shiba Inu only broke a six-month high in the $0.00003 range. Analysts believe this lackluster trend in SHIB is now coming to an end.
Shiba Inu Breaking Out of Three-Year Downtrend
In a post on X, “The Krypto King” highlighted that Shiba Inu’s downtrend, which began in late 2021, is now ending. According to the analyst, SHIB is breaking out of this three-year period of trading below its all-time high.
This market watcher is projecting a major wave that could drive Shiba Inu up by at least 178%, adding $0.00005602 to Shiba Inu’s market value. This would elevate Shiba Inu’s value to the size of its all-time high of $0.00008645.
SHIB Recent Price Action
Notably, on the day of this projection, Shiba Inu traded at a low of $0.0000267 but rallied by 24% to $0.000038 that same day. However, the price of SHIB later dipped to $0.000027 but is currently back in the $0.00003 range.
At press time, Shiba Inu boasts a weekly gain of 15%, trading at $0.000031. This makes it the best-performing meme coin among prominent rivals like Dogecoin, PEPE, FLOKI, and BONK, all of which are seeing weekly gains below 4%.
Shiba Inu’s Upcoming Move
Notably, “The Krypto King’s” prediction that Shiba Inu is about to make a major move to the upside is widely shared among other market watchers. Some analysts are drawing inspiration for SHIB’s surge from Ethereum’s ongoing bullish performance.
Commentators like “JD Updates” argue that now that Ethereum has finally broken through the long-standing resistance at $4,000, Shiba Inu could be poised to make a significant move.
Shiba Inu’s Road to ATH
Some market commentators suggest that Shiba Inu’s run to surpass its all-time high will begin once it breaks the stubborn resistance at $0.000033. Notably, SHIB faced rejection shortly after touching $0.00003 on December 1.
Meanwhile, community analyst SHIB KNIGHT argued that Shiba Inu could follow a low but steady uptrend pattern, targeting a 29% pump to $0.00004. From this point, Shiba Inu is expected to target even more ambitious levels, potentially surpassing its all-time high.
$SHIB filling Bullish pattern slowly. Target is above 0.00004 pic.twitter.com/Uw9Ql14vot
— $SHIB KNIGHT (@army_shiba) December 6, 2024
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