Expert Shares “Big Bang” Entry for Shiba Inu as Double Bottom Formation Targets 1,346% Rally to $0.000173

A prominent market analyst has provided a strategic entry for Shiba Inu to capitalize on the token’s impending surge to unprecedented prices.

Specifically, pseudonymous analyst “illagodzilla” shared in a TradingView commentary that Shiba Inu is ready for a face-melting rally, which would have him and other enthusiasts emphasizing that they “knew it.” He based this bold prediction on a bullish double bottom formation on the meme coin’s higher timeframe.

Shiba Inu Ready to Explode?

An accompanying chart shows that Shiba Inu’s recent downside is part of a broader bullish picture. Notably, the second-largest meme coin has corrected for four consecutive months, resulting in a 43% year-to-date retracement.

Meanwhile, SHIB is close to completing the formation of a double bottom on the monthly timeframe. For perspective, the first bottom kicked in in June 2023, with the rebound to the March 2024 high of $0.4567 forming the neckline.

With Shiba Inu’s 73% price correction from the neckline, the token is now approaching the base of the structure. Meanwhile, the analyst highlighted that upon completion, Shiba Inu would rebound to two targets, both of which would provide staggering portfolio upsides for buyers now.

For context, he predicted a 640% surge to $0.00008854, SHIB’s all-time high. Notably, the dog-themed token reached that price mark in October 2021, followed by a massive rejection and a sideways trend that led to its current price.

Furthermore, he predicted a 1,346% rally to $0.000173, a new all-time high for Shiba Inu. Interestingly, iIlagodzilla joins a long list of commentators predicting that SHIB would chalk off one more decimal.

To provide context, market watcher Oscar Ramos predicted a surge to $0.00017 this year, calling it a realistic target for Shiba Inu. Recently, the Shiba Inu team endorsed an analysis that suggests the prominent token would surge to $0.0001833.

Analyst Highlights “Big Bang” Entry Point

The recent analysis identified a sniper entry, which the commentator termed a “big bang buy.” His chart highlighted the support at $0.00000808 as a key point, which would not only complete the W-shaped bullish structure but also serve as a good buy point for new market entrants and a DCA for holders.

If Shiba Inu follows this pattern before the rally, it would further correct 56% from its current price of $0.00001196. However, SHIB has shown signs of life today, surging nearly 2% despite a broader market correction.

Meanwhile, some of the momentum may be coming from a recent comment by Shiba Inu’s lead, Shytoshi Kusama, who teased that something big is on the horizon.