Shiba Inu (SHIB) Price Prediction: Are the Stars Aligned for a Deja Vu Moment?

The Shiba Inu (SHIB) team has sparked excitement with a cryptic tweet, saying, “The stars are aligned,” suggesting the market might be witnessing a déjà vu moment.

The Shiba Inu (SHIB) team hinted at a possible market shift with a cryptic tweet, suggesting a sense of déjà vu.

The tweet reads, “The stars are aligned History may not occur in exactly the same way but there often are enough similarities to make it seem like a spot of Deja Vu Let’s gooooo #SHIB #SHIBARMY #ShibaInuCoin”

This message sparked speculation among the SHIB community, who noted the similarities in current market conditions to those experienced previously, leading to a period of substantial growth for the token.

Shiba Inu Price Prediction

One crypto analyst, CryptooELITES, further elaborated on this possibility by providing specific price targets for SHIB.

According to their analysis, SHIB could experience significant upward momentum, especially as Bitcoin’s dominance continues to decrease.

The price targets mentioned against USDT are: 0.000085171, 0.000183312, and 0.000472905.

The chart showcases the potential for SHIB to break past its previous highs, particularly after a pullback.

On a weekly timeframe, SHIB’s chart reveals the formation of a “cup and handle” pattern, which is often considered a bullish ongoing setup.

After reaching its previous highs, SHIB encountered a pullback and now rests near key Fibonacci levels, around the 0.618 and 0.786 retracement zones.

These levels often serve as support areas, indicating that if the trend continues upward, the price could rebound from these levels.

If the price manages to stay above these levels, SHIB could be poised to move toward the 1.272 Fibonacci extension level, which is currently around 0.000183312.

Price Analysis and Market Data

At press time, SHIB was valued at $0.00002836, reflecting a 1.52% increase over the past day.

However, despite this positive movement, the trading volume had decreased by 26.64%, now at $830.84 million.

This decrease in volume suggests that investors remained cautious as the token’s circulating supply continued to hover close to its total supply of 589.5 trillion tokens.

Furthermore, analyzing SHIB’s short-term movements using the MACD and RSI indicators revealed a period of consolidation.

The MACD line was slightly above the signal line, indicating a mild bullish bias, but the momentum remained weak.

Meanwhile, the RSI stood at 47.81, indicating market indecision as it was close to neutral. If the RSI were to move above 50, it could indicate growing bullish sentiment. However, if it fell below 40, it could increase the risk of further downside.

The article provides valuable insights into the latest market developments and community discussions surrounding Shiba Inu (SHIB).

The analysis, including CryptooELITES’ price targets and the technical chart, aims to inform readers about potential market trends and technical setups that could influence SHIB’s price movements.

However, it is crucial to note that crypto markets are inherently volatile and subject to rapid shifts.

As such, readers are advised to exercise caution and conduct their own research before making any investment decisions.

The information presented in this article is for informational and educational purposes only. It does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.