While Shiba Inu (SHIB) price actions continue to underwhelm holders, technical indicators suggest that a bullish trend is forming, with promising prospects.
Shiba Inu is currently trading at $0.00002574, reflecting a 5% decline over the past week, with its monthly performance showing a modest 1.1% gain.
Meanwhile, market analyst Klejdi Cuni on TradingView recently highlighted a bullish pattern on Shiba Inu’s chart. Cuni acknowledged that SHIB has lagged behind other meme coins and altcoins during recent market surges. However, he now believes SHIB’s price action may be poised to catch up.
Promising Signs on SHIB Daily Chart
First, Cuni noted that the outlook for Shiba Inu remains promising when examined on the daily chart. He pointed out that since the trend reversal in September, Shiba Inu’s price has followed an upward trajectory marked by higher highs, forming an oval pattern on the daily timeframe. “This steady rise indicates a clear bullish pattern,” he said.
Additionally, Cuni noted that Shiba Inu has established strong support around the $0.00002424 level, a zone that has held firm for about a month. In his view, this suggests significant accumulation is ongoing, and the period of consolidation could set the stage for a breakout in the coming months.
Shiba Inu Price Targets Upon Break Out
According to Cuni’s chart, Shiba Inu’s price could reach several key targets if a breakout occurs. The first target is $0.00003232, representing a 25.6% increase from its current price.
Cuni also highlighted the $0.00004 region, which SHIB lost ten months ago, as a key level to watch. Specifically, if Shiba Inu hits the $0.00004167 mark, it would have surged by 61.6% from its current level.
The third target is $0.00005675, signaling a potential gain of 120.4% from the current price. Shiba Inu last saw this level in 2021.
Finally, looking ahead to the first half of 2025, Cuni’s most optimistic outlook for Shiba Inu is $0.00007012, bringing the asset near its all-time high. If SHIB reaches this target, it would have skyrocketed by 172.5% from its current price.
Other Analysts’ Views on Shiba Inu Outlook
Several analysts have similarly voiced bullish outlooks for SHIB, though the wait for a breakout continues.
Market analyst Sherif recently expressed confidence that SHIB will surpass its all-time high of $0.00008654 in the current market cycle despite its recent lackluster performance.
Earlier, analyst “CryptoELITES” argued that Shiba Inu could even cancel another zero this cycle and rise to $0.0004729. Notably, this would amount to around an 18X return for current holders. This analyst cited a bullish cup-and-handle pattern on the weekly chart as the foundation for this bold sentiment.
Meanwhile, one analyst has warned of a crash to $0.000011 should the Shiba Inu bullish breakout fail.
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.
