Shiba Inu Analysts Predict 75% Price Increase If Current Level Holds
Shiba Inu (SHIB) is gaining market attention after an 80% rally from recent lows. Its current price action indicates a potential breakout if it surpasses key resistance levels.
Analyst InvestingHaven provided a technical analysis on X, indicating SHIB's bullish potential for 2024. The cryptocurrency is consolidating at a crucial Fibonacci retracement level, suggesting that breaking above this could lead to higher price targets.
Investors are monitoring SHIB closely for indications of its next major move. The positive outlook for 2024 has increased confidence in the asset, with ambitious targets set for the coming months. Maintaining momentum will be essential for SHIB’s trajectory for the rest of the year.
Shiba Inu Waking Up
Shiba Inu is notable as meme coins have recently delivered significant returns. After an 80% rally, SHIB retraced 25% in three weeks but remains resilient as buyer interest persists. Investors are eager for its next movement amid overall market bullishness.
InvestingHaven's detailed technical analysis emphasizes SHIB’s promising prospects for 2024, highlighting its consolidation at a key Fibonacci level aligned with bullish targets.
The rebound from $0.0000158 has reinforced market sentiment, establishing SHIB’s support zone. Key Fibonacci levels suggest potential targets of $0.0000444 and an ambitious stretch target of $0.0000555 by 2024.
The upcoming days will be critical for SHIB to break above the $0.000026 resistance level. A successful breakout could propel SHIB toward higher targets, while failure to maintain current levels may result in further consolidation.
SHIB Testing Crucial Supply
Currently trading at $0.0000258, Shiba Inu has experienced volatile price action. It has found support near $0.000023 and resistance at $0.000028, leading to a consolidation phase as traders await a decisive breakout.
If SHIB breaks above the critical $0.000026 resistance level, it may gain momentum to challenge the $0.000028 local high. A successful move above this could initiate a more aggressive upward trend, targeting yearly highs at $0.000045, a significant milestone supported by technical and psychological factors.
Conversely, failing to breach these resistance levels might lead to continued sideways trading or a pullback toward lower ranges. The forthcoming trading sessions will be vital as market participants observe whether SHIB can maintain its bullish momentum.
Featured image from Dall-E, chart from TradingView