Shiba Inu (SHIB) price remains in a bear market this week, mirroring the performance of other crypto coins. It has lost 62% of its value from its November highs, making it a bargain coin with huge potential. One of these analysts believes that the SHIB price will ultimately surge by 17x from the current level.
Other large players in the crypto market have also plunged this year. Bitcoin has dropped from a record high of $109,300 in January to about $80k today, while Ethereum is stuck in a deep bear market.
Analyst Predicts Shiba Inu Price to 17X From Here
Shiba Inu price has dropped for four consecutive months, and one analyst believes that it may 17x from the current level. Such a move would push it from the current $0.00001260 to $0.0002141. Based on the current SHIB coins in circulation, such a move would bring its market cap to over $125 billion.
The analyst looked at the all-time SHIB chart and identified that it has been forming a symmetrical triangle. It has now moved to the lower side of this triangle, which connects the lowest swings since June 2021. If the pattern plays out well, Shiba Inu price will likely bounce back, and initially retest the upper side of the triangle at around $0.000030. It will then blast off to its all-time high of $0.000088.
The caveat of his SHIB price forecast is that it may take a long time to happen since his chart is based on the monthly chart. In a candlestick analysis, each bar in a monthly chart represents one month, meaning that the 17x prediction may take years to happen. For example, it has taken over four months for the Shiba Inu price to move from the upper side of the triangle to the lower level.
SHIB Coin Price Short-Term Technical Analysis
There are rising odds that Shiba Inu price will bounce back after crashing by over 60% from its highest level in November. Potential catalysts for this rebound will be the growing SHIB burn rate, a potential SHIB ETF application to the Securities and Exchange Commission (SEC), and a broad crypto comeback after the Federal Reserve interest rate decision.
SHIB also has strong technicals that may push it higher in the coming days. It has slowly formed a falling wedge pattern on the daily chart. This pattern comprises two downward-sloping and converging trendlines. In most cases, a bullish breakout happens when the two lines are nearing their convergence point, which is happening now.
This convergence is happening at an important level since SHIBA has failed to move below this price four times since last year. The coin has also formed a quadruple bottom whose neckline is at $0.000033, its highest point in November last year. Therefore, a move to that level would be a 161% jump from the current level.
A drop below the key support level at $0.0000107, the lowest swing in August last year will invalidate the bullish outlook. It would point to more downside, potentially to $0.0000068, the August 2023 low.
The post Analyst Showcases How Shiba Inu Price Could 17X From Current Levels appeared first on CoinGape.
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