A prominent market analyst expects the recent Shiba Inu resurgence to continue, predicting further upside after a bounce from an accumulation zone.
Specifically, watcher StrongHedge insisted in a recent commentary that Shiba Inu, the second-largest meme coin by market capitalization, has been on a good run lately. Notably, charts support this assertion, as SHIB surged an impressive 8% last week, marking its third consecutive week of positive price action.
Bitcoin’s Resurgence a Catalyst
Furthermore, the analyst tied part of Shiba Inu’s bullish momentum to Bitcoin’s resurgence. The crypto firstborn has increased by 27% since its low of $74,393 in early April to its current price of around $95,000, and StrongHedge believes this has contributed to the recent positive price run for SHIB.
In truth, the dog-themed meme coin has regained momentum since Bitcoin’s rebound, rallying 36% from its intra-month bottom of $0.00001029. Notably, this recovery has sparked speculations that Shiba Inu will rally to new highs before the bull run ends.
Notably, the bullish sentiments resonate with StrongHedge, which predicts a lower high price action on Shiba Inu’s daily chart. The prominent chart highlighted that SHIB bounced from an accumulation zone with its April 9 rejection of lower prices, contributing to the asset’s northward momentum.
From here, the market watcher predicts a 114% rally to $0.00003, a price level that Shiba Inu last saw in December. He identified the target in an accompanying chart, highlighting two possible resistance levels for this uptrend.
First, his commentary suggested a supply zone around February’s high of $0.00001734. If SHIB breaches the level, it will face another impediment around $0.000024, a support-turned-resistance area where the token was rejected multiple times in December and January.
Analysts Expect Strong Shiba Inu Rally
Interestingly, StrongHedge’s analysis follows a commentary from CryptoELITES predicting a 16-fold Shiba Inu rally. The market watcher identified that the meme coin sits at a strong support zone in a forming symmetrical triangle, projecting a potential “big move” to $0.000230, a staggering 1,542% uptick from the current market price.
Moreover, analyst “SABoikie” predicted a similar parabolic expansion for SHIB. According to a report, he speculated on a possible surge to $0.00010, citing a potential fractal repetition. Nonetheless, the analyst insisted that Shiba Inu is a good buy from here, regardless.
In the meantime, Shiba Inu trades at $0.0000140, up 3.57% from the past day.
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.
