Shiba Inu could be on the verge of a thirty-fold upsurge as a notable market analyst points to a technically bullish chart.
Despite recent sideways price actions, market analyst CryptoELITES remains bullish on Shiba Inu. Recently, he speculated that the prominent meme coin would rebound to unprecedented levels, citing a positive technical outlook.
However, SHIB would have to overcome the prevailing bearishness in its recent price actions. For context, the meme coin is down over 5% in the past 24 hours and 4.7% over the last week.
On a larger scale, Shiba Inu has corrected over 26% year-to-date amid a broader market sideways trend. Notwithstanding, CryptoELITES believes a strong rally is on the horizon.
Shiba Inu Remains Technically Bullish
In a Tuesday tweet, the notable analyst suggested that Shiba Inu remains technically bullish despite the downtrend. An accompanying chart shows the doggy-themed token has not invalidated a super-bullish cup-and-handle pattern set to spark massive upsides upon breakout.
Having completely formed the cup, SHIB remains on course to confirm the structure with a surge to the handle’s neckline around the 0.618 Fibonacci level at $0.00003117. Meanwhile, CryptoELITE stated that Shiba Inu will rebound from its recent lows as Bitcoin’s dominance decreases.
Interestingly, the Bitcoin market dominance has seen considerable downsides recently, reinstating optimism that Shiba Inu and other altcoins will rally in the coming days. The pioneering crypto asset’s market share capsized 4.5% from its high of 64.34% last week to 61.43%, with speculations of a cycle peak emerging.
Analyst Highlights Shiba Inu Targets
Meanwhile, CryptoELITE reiterated his Shiba Inu targets upon a breakout from the cup-and-handle pattern. He asserted three targets, including an over 30x rally to unprecedented prices.
First, he predicted that Shiba Inu would surge close to its all-time high, with a 442% rally to $0.00008517. The asset would then target another 115% upswing to $0.0001833 before hitting its ultimate cycle target at the 1.618 Fibonacci level at $0.0004729.
Other Bullish Shiba Inu Calls
CryptoELITE is not the only market watcher calling on higher Shiba Inu prices. Other analytical insights also suggest the meme coin would soon rebound to higher prices.
For instance, Rose Premium Signal recently suggested a massive reversal for Shiba Inu amid a monthly support retest. Specifically, he stated that the asset sets its sights on a 167% upsurge to $0.00004401.
Another analyst, Javon Marks, also confirmed the possibilities of an upward trajectory for Shiba Inu. He speculated a 10x surge to $0.0001553 in the near term, citing bullish trends and growing demand.
In the meantime, Shiba Inu trades at $0.00001571 with a market cap of $9.2 billion.