Shiba Inu enthusiasts have reason to celebrate, as analysts predict a bullish pennant pattern could catapult SHIB to new record highs. With this promising technical formation, Market experts are optimistic about the cryptocurrency’s future performance. Stay tuned to see how this unfolds and what it means for Shiba Inu investors.
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
Multiple analysts have identified a bullish pennant on the Shiba Inu chart, outlining the potential for a profit of above 62% soon.
Shiba Inu bulls are encountering significant resistance around the $0.000025 price level. Last week, amid SHIB engineering a mini rally, it barely crossed this range before retreating below. At the last check, SHIB succumbed to bearish pressure, falling behind by at least 5% and hitting an intraday low of $0.00002361.
Despite maintaining positive gains in its 30-day trajectory, Shiba Inu is still struggling to surpass the $0.000025 level decisively.
Meanwhile, prominent Market observers are confident that SHIB is counting down from its current consolidation phase. They have forecasted various breakout price targets Shiba Inu holders may look out for soon.
Incoming 62% Profit for Shiba Inu Holders
Famous Bitcoin analyst Clifton has joined the roster of commentators calling attention to an impending bullish trend for Shiba Inu. In a recent update on X, Clifton highlighted the formation of a bullish pennant on the 24-hour timeframe for Shiba Inu.
For context, a bullish pennant formation signals that an asset is prepared to continue an uptrend commenced much earlier before encountering brief opposition. This formation, resembling a symmetrical triangle, is characterized by consolidating prices, hinting at an imminent breakout.
In Shiba Inu’s case, SHIB had an ongoing uptrend in early March but ran out of steam. It entered a downtrend that took it back to $0.000018 in April. The overall candlestick pattern SHIB established in March translated to the bullish pennant many Market watchers have spotted.
Clifton asserted that an upside from the configuration could net Shiba Inu holders a short-term profit of up to 60%.
In particular, the accompanying graph proposed that Shiba Inu could rally to the $0.00004 price level at the very least within the next few weeks.
Other Analysts Propose Higher Targets
On the other hand, analyst Davie Satoshi, who similarly identified a bullish pennant on Shiba Inu’s chart, proposed higher targets of above $0.00005 upon breakout.
Other Market watchers like the pseudonymous “World of Charts” have conveyed similar opinions, identifying $0.00005 as SHIB’s potential target.
Meanwhile, while replying to the analysis, a Bitcoin analyst suggested that SHIB enthusiasts may anticipate the $0.00008 price level next. Another even argued for the potential for a $0.00015 price point by next month.
Notably, Shiba Inu entering $0.00015 would Market a new history for the asset as it represents an uncharted territory.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
What is a bullish pennant?
A bullish pennant is a chart pattern that shows a strong upward price movement, suggesting that the price might keep going up. It usually happens after a big price increase and looks like a small triangle on the price chart.
Why do analysts think SHIB will reach new highs?
Analysts believe SHIB will hit new highs because of the bullish pennant pattern. This means the recent uptrend could continue, pushing the price even higher.
How soon could SHIB hit a new high?
It’s hard to say exactly when SHIB will hit a new high. Market moves can be unpredictable, but the bullish pennant suggests it could happen relatively soon.
Should I invest in SHIB based on this news?
Investing is a personal decision. While the bullish pennant is a positive sign, it’s important to do your own research and consider your risk tolerance before investing in SHIB or any other cryptocurrency.
What should I do if I already own SHIB?
If you already own SHIB, you might want to keep an eye on the Market and consider holding your position to benefit from potential gains. Always stay informed and be prepared for Market changes.
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
