With the cryptocurrency market recovering from a sharp drop yesterday, a top market analyst predicts that Shiba Inu will aim for a massive 235% surge to a new yearly peak.
To put it in context, cryptocurrency enthusiasts got a scare yesterday after Bitcoin fell more than 10% in two days, to around $93,000. The rollover catalyzed a hemorrhage in the altcoin market, with shiba inu retesting the main support around $0.0002.
However, the doggie-themed token has shown resilience and rebounded strongly from support. Shiba Inu is up 28% from its low of $0.0000185 yesterday, gaining 6% this morning to trade above $0.000238.
Analyst expects more benefits
Meanwhile, prominent market analyst Dollars Maker has argued that Shiba Inu has more upside from here. In a recent TradingView In the comment, the pseudonymous trader noted that he would open a long position, with entry around the December 20 price lows.
Additionally, he predicted three bullish targets for Shiba Inu, including a 235% rise to $0.00005816. However, it did not provide a timeline for its update.
Dollars Maker speculated that Shiba Inu would chase its first target, a 92% rise to $0.00003339. Furthermore, the meme coin will aim for a 163% rise to $0.00004566 before finally rising 235% to $0.00005816. This third target would mark a new yearly peak for SHIB, surpassing the March 2024 high of $0.000045.
Shiba Inu Analysis
Analyst expects higher prices
Meanwhile, comments from other analysts show that Shiba Inu will aim for higher prices in the near term. One of the analysts is Klejdi Cuni, who believes that Shiba Inu is showing promising signs.
The market commentator claimed that the positive vibes around the Shiba Inu ecosystem will drive the token to $0.000070 imminently. He speculated that prolonged accumulation near the $0.00002424 support would provide the momentum needed to bring the meme coin to the target price.
Furthermore, Pouyan TradeFX shares a similar call, insisting that Shiba Inu is primed for a power boost to $0.000074. the analyst noted that Shiba Inu could break the multi-year trend line preventing its rise towards higher prices and ultimately aim for a rally of over 100%.
