While Shiba Inu is experiencing a 10% decline today, a bold analyst has argued that SHIB could double to near its all-time high soon.
Amid the ongoing market downturn, bullish outlooks continue to flood the space as proponents expect the market momentum to continue well into 2025. In the latest instance, one analyst has suggested that $SHIB could be on the brink of a powerful rally.
Shiba Inu Price at a Key Level
According to market analyst “PouyanTradeFX,” the price of Shiba Inu (SHIB) is at a critical level.
An analysis shared on TradingView on Thursday, PouyanTradeFX opined that SHIB is testing a trendline that has hounded it since 2021.
Per a weekly candle chart shared by the analyst, the meme coin first entered this downtrend after it hit its all-time high of $0.00008616 in October 2021 and first revisited it in March 2024 when it surged to a high of $0.00004567.
The analyst noted a key metric that could support this rally is a continued decline in Bitcoin Dominance, signaling a rotation of capital from the digital asset market leader to altcoins and memes. Bitcoin Dominance has fallen sharply from highs of 61.5% in November to 56.5% at the time of writing.
The recent bullish views around SHIB come despite its 200% price gain over the past year.
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