Well-known cryptocurrency market analyst, Michael van de Poppe, anticipated a strong surge in Shiba Inu (SHIB) price, exceeding 44% in the coming weeks.
This bullish outlook relies on SHIB holding on to three key support levels long enough to reestablish an upward trajectory.
In stark contrast to the current crypto market demeanor, which remains predominantly devoid of action, SHIB, currently ranked 15th by market cap, has been on-and-off with its price action recently.
- An analysis of the past 30 days indicates that SHIB rallied by about 16%, moving from a low of $0.0000077 to the current $0.000009. 90-day charts paint a similar picture of gains, with SHIB rallying 12.5% from a low of $0.000008.
- Both these mid-term charts imply that SHIB has been on an upward trajectory.
- However, 24-hour and 7-day charts show 10% and 7.9% price declines, respectively.
- This change in direction prompted new analysis, with an expert noting that if SHIB holds onto support levels at $0.00000941$, $0.00000870, and $0.00000808, the coin could change direction and record a surge to $0.000013.
- Considering the prevailing price, such a move means a gain of over 44%.
- With the coin trading below the first support level, the next pivot price target remains at $0.000087, which could lead to a new bull session for SHIB.
- Barchart’s analytics suggest that the most critical resistance levels for SHIB are at $0.00001, $0.0000105, and $0.0000108. However, these resistance levels might not be extremely hard to beat since less than 48 hours ago, SHIB was trading at $0.000011 before it took a nose dive to current levels.
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