Shiba Inu is on the verge of a significant price surge, with market analyst Ashish predicting a 600% jump to $0.000075. This forecast follows Shiba Inu’s breakout from a prolonged consolidation pattern. Ashish’s analysis, detailed on TradingView, has been updated continuously since December 2023, when SHIB was trading at $0.00001070.
Shiba Inu’s price movement has been turbulent since May 2022, following a collapse from the $0.00002 price territory. The cryptocurrency entered a consolidation pattern, marked by a descending trendline that resisted breakout attempts. In December 2023, Ashish projected that Shiba Inu would breach this trendline. This prediction came true on December 23, 2023, when SHIB surpassed the $0.000011 mark, confirming the breakout.
By February 2024, Shiba Inu slipped below $0.00001, struggling against bearish pressure. The turnaround began in late February, resulting in a 370% uptrend that extended into early March. This rally peaked at $0.000045 on March 5. Following a correction on March 6, Ashish set new buying targets at $0.000025, $0.000024, $0.000023, and $0.000022.
As of now, Shiba Inu trades at $0.000025, with a 24-hour trading volume of $462,557,739, marking a 3.84% increase in the last 24 hours. The 1-day RSI reads 52.59, indicating a period of consolidation or moderate price movement. Additionally, the 1-day MACD trading above the signal line suggests potential bullish momentum.
Ashish is confident about the formation of a flag pattern on the 1-hour chart, suggesting a monumental second leg up. This pattern indicates a significant surge is imminent, potentially validating Ashish’s 600% projection. Other analysts share this optimism. Last month, Eunice Wang, an analyst, projected a 409% spike, reaching a new all-time high of $0.000125 during the second rally.
If Ashish’s prediction materializes, the 600% upsurge from the current price would lead to approximately $0.000075. This target aligns closely with his initial projection. Ashish’s analysis emphasizes the significant potential for Shiba Inu to retest the $0.000075 territory, driven by bullish technical patterns and market dynamics.
