The bullish wave on Shiba Inu is still in its early stages, as an analyst has predicted a rally, canceling one more zero to prices never seen before.
While Bitcoin is hitting new all-time highs, analyst MasterAnanda has emphasized that Shiba Inu may be a better play, as its bullish momentum is still very early. From here, he predicts an over 1,000% uptick to unprecedented prices.
Shiba Inu’s Massive Wave Still Early
The market watcher shared that Shiba Inu may have been having an uneventful bull cycle before now, but things are about to change quickly from here on. He highlighted that SHIB has been in a clear bearish trend since March 2024, making lower highs and lower lows.
Shiba Inu broke to a high of $0.00004567 in March 2024 but faced massive price rejection from there to close at $0.00003074. The meme coin has been trending within a descending triangle, trading more around the base of the structure amid prevalent bearishness.
Meanwhile, Shiba Inu may be on the cusp of a trend reversal. The analyst highlighted that SHIB has printed a “full green” weekly candle, and prices might go parabolic from here. Notably, Shiba Inu is up 15% on the weekly timeframe and could print its most bullish candlestick since the week of May 4’s 25% growth.
Nonetheless, Shiba Inu remains below the 200-day moving average (MA200), a clear sign its bullish momentum is still early. The indicator typically represents the current bias of an asset, with a trend above suggesting a bullish trend and below a converse signal.
As a result, MasterAnanda stated that Shiba Inu needs to clear this indicator for a long-term bullish bias. At the current market standing, the MA200 trends at $0.00001634, 19% away from the current market price.
Euphoria, Higher Prices, and a New All-Time High for Shiba Inu
From here, the analyst predicts an explosive price development for Shiba Inu, one that will create euphoria among its holders. He highlighted the minimum price target for Shiba Inu in 2025 and its highest possible price target this cycle.
First, he suggests a breakout from the current triangle to $0.00003203, aligning with the 0.50 Fibonacci retracement. The next move will be to the 1.618 Fibonacci level at $0.00006767, followed by the 2.618 extension at $0.0001032. According to the analyst, $0.0001032 is the minimum new all-time high for Shiba Inu this year.
Meanwhile, he predicts further upsides to two more Fibonacci levels: 3.618 and 4.618. This represents new all-time highs of $0.0001743 and $0.000220491, which are 1,183% and 1,529% away from the current market price of $0.00001353.
Interestingly, the ambitious $0.00022 price target is not a new projection for Shiba Inu. Expert Alan Santana shared a close price outlook in an earlier commentary, citing a similar descending triangle breakout.
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