Shiba Inu (SHIB) Poised for Significant Rebound, Analyst Projects 235% Price Increase

Following a sharp downturn in the cryptocurrency market, analysts are optimistic about Shiba Inu’s (SHIB) potential to rebound significantly.

After a sharp downturn in the cryptocurrency market, analysts are optimistic about Shiba Inu’s potential to rebound significantly. One prominent trader has projected a 235% price increase for the token, suggesting it could reach $0.00005816, setting a new yearly high.

The cryptocurrency market experienced heightened volatility recently, with Bitcoin’s value dropping by over 10% in just two days to approximately $93,000. This decline had a ripple effect on altcoins, including Shiba Inu, which retested its $0.0002 support level.

Despite the initial losses, Shiba Inu demonstrated remarkable recovery. The token surged by 28% from its recent low of $0.0000185 and continued to gain traction, rising by an additional 6% to trade above $0.000238 earlier yesterday.

A well-known market analyst, Dollars Maker, expressed strong confidence in Shiba Inu’s upward trajectory. In a recent TradingView commentary, he suggested that the token is poised for significant gains.

The analyst identified the December 20 price lows as an ideal entry point for long positions, highlighting the potential for a substantial upward movement. He outlined several key price targets for the token with the ultimate projection of $0.00005816, indicating a 235% increase from its current levels.

According to the analyst, the token will first aim for a notable rise to $0.00003339, followed by further gains to $0.00004566. This final surge would surpass its March 2024 high of $0.000045, setting a new yearly peak.

Other analysts have also shared optimistic outlooks for Shiba Inu. Klejdi Cuni noted that the token’s prolonged accumulation near the $0.00002424 support level indicates a solid foundation for future growth. He anticipates that this accumulation phase could propel the token to $0.000070 in the near term.

Similarly, Pouyan TradeFX has forecasted an upward trend for Shiba Inu, projecting that it could break through a multi-year trendline that has constrained its growth. Once this resistance is overcome, the token could experience a significant rally, potentially exceeding a 100% increase in value.

The recent recovery in the token’s price and the bullish predictions from multiple analysts highlight the token’s potential for substantial growth. While the projections range from moderate increases to a 235% surge, they reflect growing confidence in the token’s resilience and market position. However, investors are warned to approach these forecasts with caution and ensure careful consideration before making investment decisions.