Amid a recent price rebound, a top analyst has predicted that Shiba Inu is on the cusp of a rally to levels last seen over a year ago.
Shiba Inu, the second-largest meme coin by market cap, recently started to rebound after a period of price underperformance. For perspective, Shiba Inu dropped 69% from its high of $0.0000334 in December 2024 to a low of $0.00001004 in June, while Bitcoin reached multiple all-time highs within that timeframe.
Currently, Shiba Inu is still down 31% from its opening price on January 1, but things seem to be changing quickly for the meme coin. Specifically, SHIB has rallied 17% in the past seven days and is up 6.2% over the past day, as it continues to cut down its losses.
Shiba Inu Regaining Momentum
Amid its building price momentum, analyst GehavianGoals has predicted that Shiba Inu will sustain the current bullish traction. He shared that Shiba Inu will “fly soon,” highlighting its possible price target and potential buy areas.
An accompanying chart highlights that SHIB rebounded from a major resistance on the weekly chart, a potential catalyst for its recent momentum. The token has tested the demand zone multiple times this year and on one occasion last year, rejecting lower prices at each attempt.
For context, Shiba Inu rallied extensively from the support in early 2024, reaching a high of $0.00004567. However, it faced insurmountable resistance, which sparked a retracement to the same support on August 5, 2024.
Meanwhile, Shiba Inu bounced from this support area to its December peak before facing another rejection. Since then, the memecoin has retested the $0.000011 support level four times, specifically on February 3, March 11, April 7, and most recently on June 22.
Buy Areas as SHIB Set for Massive Rally
Notably, the market watcher set his first buy area for the impending rally at $0.00001092, an area that Shiba Inu has since surpassed. Nonetheless, there is another buy opportunity at $0.0000188, which is about 31% away from its current price.
For his target, he predicts a 130% rally from Shiba Inu’s current price to a 21-month high of $0.00003352. However, from his first entry at $0.00001092, it would amount to a 206% upsurge.
The analyst did not provide a timeline for this rally but advised patience among holders. He revealed that he has been in a Shiba Inu trade for five months and would not mind holding for one to two years, as long as it reaches his target.
Moreover, he joins a growing list of bulls calling for higher prices for Shiba Inu. For perspective, a recent analysis highlighted that SHIB will reclaim $0.000035 if it clears several major supply clusters.
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.
