Summary
Psychedelic cryptocurrency pundit Illagodzilla projects a soaring 1,346% rally for Shiba Inu.
A double bottom chart formation hints at potentially vast upside potential.
A strategic “big bang buy” entry level is pinpointed at 0.00000808.
Primary target rests at its prior all-time high ($0.0008854), with a secondary target put at $0.0000173.
Positive market action over the past month notwithstanding widespread weakness across broader markets
Technical Pattern Indicates a Massive Upside
Four successive months of declines for Shiba Inu (SHIB) could mark its impending critical inflection point. Pseudonymous analyst “Illagodzilla” maintains that the second-largest meme coin is nearing a bullish double bottom on its monthly chart that could propel prices to explosive heights.
A first trough formed in June 2023, after which a rise back to the $0.4567 March 2024 peak laid the pattern’s neckline. Having trimmed 73% from its peak, SHIB finds itself nearing the base formation where its second bottom is poised to form.
Strategic Entry Point and Target Zones
Rather than merely spotting the pattern, the analyst has zeroed in on a particular entry point at $0.00000808, billed as the “big bang buy” opportunity. That would necessitate an additional 56% price pullback from SHIB’s current value of $0.00001196.
“That price point will both cap the W-shaped bullish formation and represent the ideal entry for new buyers while offering holders a chance to dollar-cost average,” Illagodzilla added in their TradingView analysis.
Once the pattern concludes, two considerable targets come into focus. The target signals a 640% advance to $0.0008854, bringing SHIB back to its precedent all-time high from October 2021. Under the more audacious scenario, SHIB may surge 1,346% to $0.0000173, thereby setting a fresh all-time high.
Recent Price Action coupled with Developer Tease
Although bears anticipate a deeper drawdown before the anticipated rally, Shiba Inu has lately displayed notable strength, rising by close to 2% amid wider market deterioration. Such bullish impulses are corroborated by cryptic remarks from project lead Shytoshi Kusama, who recently suggested “something big” is looming for the initiative.
Illagodzilla’s prediction isn’t standing alone. A number of other analysts have voiced analogous bullish forecasts; Oscar Ramos, for example, fancies that SHIB might climb to $0.00017 by year’s end, consider this a “realistic target.” Moreover, the Shiba Inu development team has just backed an analysis anticipating a surge up to $0.0001833.
For SHIB, the true test will be whether it can first hit the anticipated entry point before triggering its prospective rally. Before taking any action in light of these technical projections, investors ought to assess their risk tolerance.