Shiba Inu Eyes $0.00051 Price Target After Breakout From Downtrend

Notable analysts suggest that Shiba Inu holders can look out for a 120% surge that could drive SHIB to $0.00051 after breaking out from its downtrend.

In the last few days, Shiba Inu has continued to print gains for holders, registering an 11% growth in its one-week trajectory. Moreover, at the price of $0.00002501, Shiba Inu has erased all losses of April, boasting a cumulative gain of 15% over the last 30 days.

Amid this commendable performance, multiple analysts have reasons to believe Shiba Inu has yet to begin its uptrend. Widely followed pseudonymous analyst “World Of Charts” expressed this view in a recent post on X.

Shiba Inu to $0.00051

In the post, the analyst presented a chart illustrating that Shiba Inu continues to trade within a descending channel, suggesting its breakout from the bearish trend has yet to be confirmed.

Meanwhile, he suggested that a successful reversal from the trend has massive potential for SHIB holders. He proposed a 120% surge that would increase SHIB’s market value by $0.00002912, putting the asset back at the $0.00051 price level.

$Shib

Still Consolidating With In Descending Channel Incase Of Successful Breakout Expecting Massive Bullish #Shib Is In Uptrend Expecting Higher In High In Coming Days#Crypto pic.twitter.com/MrRrQYOPSB

— World Of Charts (@WorldOfCharts1) May 14, 2024

Notably, the bearish period under scrutiny is Shiba Inu’s downturn since the March frenzy that took the asset above $0.000045. The SHIB patterns that followed depict a notable consolidation with lower highs. This trend has endured for over two months, and analysts believe it is due for a reversal.

In a separate analysis, market watcher Davie pointed out a similar configuration on the Shiba Inu chart, which suggests an impending bullish breakout. Like World Of Charts, Davie presented a graph proposing the $0.0005 threshold as Shiba Inu’s next target.

Essentially, these propositions suggest that SHIB holders can anticipate their holdings doubling in the coming days.

SHIB to Break $0.00015 Next Month?

In response to these forecasts, a Shiba Inu proponent suggested that the impending upsurge is much closer than many expect. Specifically, this individual argued that the Shiba Inu surge could unfold by June, the next three weeks.

He proposed that SHIB could see an even more dramatic six-fold increase, taking it above $0.00015 with his projected timeline. This audacious prediction draws from Shiba Inu’s March performance, where SHIB experienced an over 3X rise in under ten days.

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