Shiba Inu (SHIB) Expected to Break Previous Record as the Cryptocurrency Market Anticipates New Highs

Among them, Shiba Inu (SHIB) has gained attention from analysts forecasting significant price gains in the current market cycle.

As the cryptocurrency market continues to rally, investors are eagerly anticipating which assets will reach new all-time highs. Among the tokens on analysts' radar is Shiba Inu (SHIB), which has shown promising signs of a significant price increase in the current market cycle.

Shiba Inu Expected to Break Previous Record

According to a post on December 15, market analyst Crypto Sheriff expressed optimism about SHIB surpassing its all-time high of $0.00008616, which was attained during the 2020/2021 market cycle. The analyst highlighted the token's potential to reach new heights in the ongoing bull market.

This prediction comes after the asset recorded an impressive performance in November 2024, with a rally of approximately 98% following the U.S. presidential election. Many believe that Donald Trump's victory signaled a crypto-friendly shift in U.S. policy, which contributed to the token's rise from $0.00001687 to $0.00003343. At the time of writing, the asset has retraced some gains and trades at $0.00002682.

Analysts Highlight Shiba Inu (SHIB) Bullish Patterns

While Crypto Sheriff maintains a positive outlook, other analysts have provided additional technical insights that support the possibility of a significant price increase. On December 10, CryptoELITES identified a bullish cup-and-handle formation on Shiba Inu's weekly chart.

The analyst noted that if the token breaks above a long-standing downtrend line, it could potentially reach $0.0004729, indicating a 1,700% increase from its current value.

The downtrend, which has acted as a resistance level since October 2021, is considered a critical barrier. According to CryptoELITES, breaking through this resistance would confirm the bullish pattern and set the stage for a sustained upward trend.

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However, some analysts have highlighted potential risks to the downside. As earlier reported by Times Tabloid, market commentator PouyanTradeFX warned that if Shiba Inu fails to overcome the downtrend, the token could significantly decline. In this scenario, prices might drop by as much as 150%, bringing SHIB to the $0.000011 range.

Such contrasting analyses underscore the importance of closely monitoring technical indicators and market conditions. While many analysts are bullish on SHIB, the outcome will largely depend on how the asset performs in the face of these key resistance levels.