Market analysts predict that Shiba Inu is on the verge of entering a bullish run, despite the prevailing bullish market sentiment. Furthermore, one analyst has made price projections for Shiba Inu, stating that it could reach three main targets: $0.00001011, $0.00001193, and $0.00001309.
Shiba Inu (SHIB) has responded to the ongoing rally by experiencing a 6% surge in just seven days, bringing it to retest its $0.00001 resistance level. Over the past 24 hours, Shiba Inu has also seen a 1.2% surge, with a market cap of $5,879,777,757.
Since June 2023, Shiba Inu has been trading within an ascending parallel channel, which has contributed to its highest point of $0.0000120 recorded in December. Following that, the asset dropped to $0.0000092 and established support in that range before undergoing a bullish reversal.
At present, Shiba Inu is said to have reached a confluence of horizontal and Fibonacci resistance levels. Although it has not yet broken out, its Relative Strength Index (RSI) is indicating a bullish reading. The RSI is a metric used to determine whether an asset has been overbought or oversold.
Analyzing the daily time frame, analysts have observed that Shiba Inu broke out from a descending resistance trend on February 9. The current price level is believed to have been influenced by the 0.5 Fibonacci retracement resistance level. If the asset breaks out from the confluence of resistance levels, it could potentially experience a 30% surge and trade at $0.0000125.
Analysts have also noted that if Shiba Inu were to break down below the $0.00000920 level, it would invalidate the bullish prediction. In such a case, the asset could undergo a 20% fall and reach the ascending support trendline at $0.00000800.
Additionally, Crypto Rand analysts have highlighted the significant surge of 57% that Shiba Inu experienced between November 21, 2023, and December 17, 2023, going from a low of $0.00000761 to a high of $0.00001195. When the asset was trading at $0.000009 on January 31, the analysts advised investors to pay attention to Shiba Inu.
Based on the current price behavior, analyst SHIB KNIGHT believes that the $0.00000953 level is crucial support to monitor. He suggests that the market is looking favorable as it prepares for a bull run. In his analysis, four price targets are highlighted, with the first one set at $0.00001011. From there, the price could move to $0.00001193 and $0.00001309. The final price target is anticipated to be $0.00001492. He also mentions three support levels to watch out for: $0.00000953, $0.00000896, and $0.00000880.
In comparison to the leading meme coin in the market, Dogecoin, Shiba Inu is performing relatively well. Dogecoin is currently trading at $0.08698, and although it has experienced a 1.05% surge in the last 24 hours due to a bullish market sentiment, its three-month return is only 2.4%. On the other hand, Shiba Inu has recorded a price gain of 6% in the past seven days.
PEPE, another cryptocurrency, is currently trading at $0.000001 after a 1.6% decline in the last 24 hours.
In conclusion, Shiba Inu is showing positive signs of entering a bullish run, with price targets and support levels identified by analysts. Compared to Dogecoin and PEPE, Shiba Inu has been performing well in the market.