Market analyst TSLA Tracker (@SBZung) has a bullish outlook on Shiba Inu (SHIB), the second-largest meme coin. He stated that he likes the SHIB price setup from its current position, and expects the token to breach the $0.00006 price level.
According to TSLA Tracker’s analysis, Shiba Inu has been following a clear price pattern, and he believes this trend will continue. The analyst’s accompanying chart suggests that SHIB could surge 132% from the current price to reach $0.00006937, which coincides with the Fibonacci 76.4% level.
I like $SHIB a lot from here: pic.twitter.com/tq5XCbP7PT
— $TSLA Tracker (@SBZung) December 2, 2024
Is Shiba Inu (SHIB) About to Explode?
Shiba Inu has seen a consolidation phase recently after pushing to a multi-month high of $0.000033159 on December 1. Despite a brief correction from that level, the meme coin quickly recovered, and is now trading at $0.000032, up 8% from yesterday.
Another notable market analyst, Javon Marks, has expressed a positive outlook on Shiba Inu. Marks revealed that the token had broken out from a prolonged falling wedge pattern, and he expects the bullish momentum to continue and drive it closer to its all-time high. Marks predicted a 360% upswing for SHIB , targeting a price of $0.000081.
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The current technical indicators tell a different story. The RSI suggests a continued price increase, currently sitting around 57. This indicates that the token has more room for upside before entering overbought territory.
However, the MACD suggests a bearish outlook, as the MACD line widens from the signal line, signaling bearishness. Despite this, the overall sentiment among analysts remains bullish on Shiba Inu, as it swiftly recovered from the recent bearish turn.
Additionally, Shiba Inu’s trading volume has increased by 17.5% to $3.43 billion in the past 24 hours, suggesting increased attention for the meme coin. CoinMarketCap data shows that 89% of the community is bullish on the token, and many expect the recent rally to continue.
There are many reasons why the community is bullish, and a prominent one is the upcoming SHIB DAO. Shiba Inu lead developer Shytoshi Kusama recently issued a critical warning about the DAO to keep users safe as the launch approaches.
At the time of press, SHIB is nearing its highest level since April and is quickly catching up to its 2024 peak of $0.00004534. Reaching TSLA Tracker’s target of $0.00006937 would place it above this level, and the next target would be the meme coin’s all-time high of $0.00008845.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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