Crypto analyst The Cryptagon has provided a bullish outlook for the Shiba Inu price. The analyst revealed that the meme coin is ready to bounce off an ascending triangle, which could send its price to its current all-time high (ATH) and possibly surpass it.
Shiba Inu Price To Bounce Off Ascending Triangle And Rally To ATH
In a TradingView post, The Cryptagon stated that the Shiba Inu price is rebounding off the 3.5-year triangle. He added that the 1-week Relative Strength Index (RSI) is on a similar sequence as between February and May 2023, which eventually led to a price surge of over 661%.
His accompanying chart showed that the Shiba Inu price could again rally to its current ATH as it breaks out from the triangle. This rally represents about a 700% increase, similar to the price surge that SHIB witnessed in 2023. The meme coin will need to break the crucial resistance at around $0.000035000.
The Cryptagon remarked that considering that the Shiba Inu price last week made a double bottom pattern similar to the August 2024 low, this is a “‘unique long-term opportunity.” He advised market participants to buy and target SHIB’s projected rally to $0.00008450.
Crypto analyst Javon Marks also recently predicted that the Shiba Inu price could rally to the $0.000081 range. He remarked that this breakout target remains unchanged as SHIB’s price continues to hold broken out and is up since showing responsiveness to this breakout. As such, he is confident that a rally of over 500% to reach this price target could still be in play.
The Bullish And Bearish Case For SHIB
Crypto analyst Crypto Sat has outlined both a bullish and bearish case for the Shiba Inu price. First, he noted that SHIB’s 1-hour chart is showing a falling wedge, which is a bullish reversal pattern. For the bullish case, the analyst remarked that a breakout above $0.00001260 could trigger a rally toward $0.00001280 or even $0.00001320. He added that SHIB could push even higher if buying momentum increases.
Meanwhile, for the bearish case, Crypto Sat stated that if the Shiba Inu price holds $0.00001260 as resistance and fails to break out, the meme coin could dip toward $0.00001220 before another attempt. He warned that a drop below the $0.00001220 would invalidate this setup.
The crypto analyst further assured that the SHIB remains one of the strongest meme coins, especially with bullish fundamentals like the Shibarium developments and ongoing token burns, which add long-term potential. Crypto Sat again reaffirmed that the Shiba Inu price is approaching a key breakout zone. If the Bulls take charge, he is confident that SHIB could see a strong upside move.
At the time of writing, the Shiba Inu price is trading at around $0.00001261, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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