A notable technical analyst emphasizes that Shiba Inu may be set for a 62% rally that elevates its value to $0.00004048 in the coming days.
In the last 24 hours, Shiba Inu rallied by approximately 7% to $0.00002615, one of its highest prices since April. However, SHIB has lost most of these gains following the brief Bitcoin-led price correction.
The pullback has invalidated Shiba Inu’s cumulative weekly and monthly performances, sinking it to negative. Nonetheless, with Shiba Inu hovering at $0.00002467 at press time, it preserves most of the gains accrued two months ago.
However, the SHIB Army eagerly awaits the return of the Shiba Inu bulls, as it has been nearly three months since they last saw a commendable price upswing.
In a recent post on X, technical expert Clifton pointed out a potential uptrend for Shiba Inu, noting the emergence of a bullish pennant pattern on SHIB’s one-day chart.
This technical formation suggests that Shiba Inu is poised to resume the upward trajectory it began earlier, following the temporary consolidation period. Notably, SHIB experienced an initial surge in value in late February before losing momentum by mid-March after reaching $0.000045.
Subsequently, Shiba Inu entered a severe corrective phase, retracing to a value of $0.000018 by April. The candlestick patterns Shiba Inu formed since March have been identified as a bullish pennant by several market observers.
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Shiba Inu Eyes $0.00004048 Target by June
In the chart provided with his analysis, Clifton suggested that the bullish pennant pattern could potentially result in a significant gain for Shiba Inu investors. He posited that if the pattern holds true, there could be a short-term surge in value of as much as 62.13%, potentially elevating the price of Shiba Inu to $0.00004048.
$SHIB (Update)
In Case of Upside Breakout We Can See Massive Bullish Rally in #shibtrain #SHIBARMYSTRONG #SHIB #Crypto pic.twitter.com/bM0fCYycCf
— Clifton Fx (@clifton_ideas) May 27, 2024
Notably, the analyst anticipates that this bullish scenario for Shiba Inu could unfold within the coming weeks, or at the latest, by the end of June.
SHIB Could Hit New Height
Meanwhile, analysts such as Davie Satoshi, who also spotted a bullish pennant on Shiba Inu’s chart, have set their sights higher, suggesting potential targets surpassing $0.00005 following the breakout.
Additionally, some foresee Shiba Inu reaching new heights, speculating it could soar to the $0.00015 mark once the anticipated breakout occurs.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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