The Shiba Inu (SHIB) currency has started to regain its upward momentum, as technical analyses indicate that the currency is preparing for a strong breakout that could take it to new historical levels. Several analysts attribute these expectations to clear upward price patterns appearing on the charts, reinforcing the hypothesis of a significant rise in the upcoming period.
Positive technical signals enhance the rise. Technical analyst Maddox Metrics pointed to clear shifts in technical indicators in favor of SHIB, after it managed to achieve notable gains recently. His analysis on the TradingView platform shows that the currency has begun to form bullish confirmation signals that may push it to break through higher resistance areas in the near future.
SHIB is the second largest 'meme' coin by market capitalization and has recently exited a price consolidation phase that began in June, when it bounced off a significant support level at $0.00001020. Since then, it has risen by 55% to currently reach about $0.00001582.
Fibonacci breakout confirms the upward trend. SHIB managed to break through the level of $0.00001541, but it still remains below the 200-day moving average at $0.00001642. According to Maddox Metrics, this rise is attributed to a successful retest of the 'golden pocket' area at 0.786 on the Fibonacci index, which served as major support previously.
The analyst estimates that SHIB is on track to achieve a rise of 126%, targeting strong resistance at $0.00003579, which is the same point where the price was rejected twice before: in March and December of 2024.
If this resistance is broken, it is expected that more upward movements will open up for SHIB, potentially reaching $0.00008922, thus surpassing its previous all-time high of $0.00008854.
Optimistic forecasts from other analysts. The well-known analyst ilagodzilla provided more optimistic predictions, seeing that returning to the previous peak is merely the beginning of a larger upward wave. His analysis indicates the possibility of SHIB reaching $0.00017299, representing an increase of 993% from the current price.
He goes on to predict the possibility of reaching a new historical peak at $0.00025056, an increase of over 1,483%. He is joined by analyst Oscar Ramos, who set a target of $0.00017, considering it a realistic goal within the current upward cycle.
The bullish scenario.. realistic or exaggerated? These closely aligned predictions from several sources point to what is known as 'technical convergence', where consistent analyses bolster the likelihood of a bullish scenario. However, it is important to remind that the meme coin market is characterized by sharp volatility, and actual results may differ from expectations.
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