Crypto Expert Says Shiba Inu Bullish Pennant Will Push Price to New Highs, Here’s the Target

A crypto analyst has predicted a massive bull rally for doggy-themed cryptocurrency. Shiba Inu (SHIB). The analyst points to a new technical pattern emerging for SHIB, which points to the potential for a rise to new highs.

SHIB focuses on the next positive goal

A crypto and Bitcoin analyst identified as ‘Clifton Fx’ on X (formerly Twitter) shared a Shiba Inu/Tether (USDT) price chart showing the following price target for the popular dog-themed meme coin. The analyst revealed a new technical trading pattern that was showcased in SHIB’s price movementshighlighting the meme coin’s price chart, it showed a bullish pennant formation in the daily time frame.

Shiba Inu
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a bullish pennant formation is a technical pattern that occurs after an uptrend and indicates the potential continuation of strong upward momentum. For greater clarity, it indicates when the bulls are about to take control of a cryptocurrency’s value, highlighted by a period of accumulation by investors before a bullish breakout.

In the case of Shiba Inu, Clifton believes that the current formation of a bullish pennant is a possible upside breakout from around 50% to 60%, supported by increasing trading volume and market sentiment around the meme coin. In his price chart, which illustrates Shiba Inu price action from January to May 2024, the crypto analyst has identified a green area and suggested that Shiba Inu a significant increase may be seen up to $0.00004 before June 2024.

Another crypto analyst, Ali Martinez, has done just that predicted a less ambitious price target for Shiba Inu. Martinez revealed in a previous X post that Shiba Inu could witness a 20% increase to $0.00002954 in the coming weeks. He based his projections on the probability that the dog-themed meme coin would successfully break the upper limit of a descending parallel channel at $0.00002444.

The fundamentals of the Shiba Inu award are becoming stronger

Clifton’s optimistic projection for Shiba Inu comes at a time when the meme coin is outperforming, witnessing new gains and strengthening its value. overall market strength. At the time of writing, SHIB’s price is trading at $0.000025, marking an increase of 6.18% in the last 24 hours.

The cryptocurrency previously consolidated around the $0.000024 price for weeks, recording consistent declines due to market volatility and broader sentiment surrounding meme coins. Currently, with the exception of Shiba Inu, there are other meme coins such as Dogecoin (DOGE)Pepe (PEPE) and Dogwifhat (WIF) are posting huge daily gains. This unexpected price increase underlines the renewed investor interest and demand for meme coins in the market.

Moreover, there is the last seven days the price of Shiba Inu increased by more than 6%. The meme coin’s trading volume of approximately $914.2 million has also witnessed an impressive rally, skyrocketing 134.85% in just 24 hours.

Shiba Inu price chart from Tradingview.com
SHIB price is on a bullish rally | Source: SHIBUSDT on Tradingview.com

Featured image of Dall.E, chart from Tradingview.com

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