Shiba Inu Breaks Downtrend, Analyst Sets Buying Guide for 167% Profit
thecryptobasic.com 28 August 2024 12:26, UTC Shiba Inu (SHIB) has broken above a significant downtrend, with an analyst recently setting up a price target for an ultimate 167% uptrend.
Shiba Inu has dropped with the rest of the markrt. Despite this downward movement, many traders and analysts believe there is potential for recovery. Targets have been identified for SHIB’s price, following its recent breakout from a downward trendline.
One notable analyst on TradingView, Darshana Alwis, has outlined specific price levels for SHIB that could guide its next moves.
Downtrend Breakout Sparks New Targets
On August 20, SHIB managed to break through a prolonged downward trendline. The trendline, which began from a mid-April high, had kept SHIB in a consistent downtrend for several months.
Prior to this breakout, SHIB’s price had seen sharp declines from around the $0.00002900 mark in late May to a low of $0.00001294 before attracting renewed buying interest. Following the breakout, the price sits around $0.00001378, opening up new possibilities for traders targeting potential gains.
The first price target, according to Alwis, lies at $0.00001558, representing a 37.25% increase from current levels. This level has acted as resistance in the past and could once again challenge SHIB’s upward movement. However, if breached, it may provide an opportunity for higher gains.
If SHIB can clear the first resistance level, the next target stands at $0.00002640, representing a possible 78.41% increase. At this point, traders will likely encounter more resistance, as this area could become a battleground for both buyers and sellers.
The final, more ambitious target stands at $0.00003954, representing a massive 167.23% gain from the breakout level. Reaching this point would signify a significant recovery for SHIB and may attract more speculative interest.
Large Holders’ Are Not Selling
Large holders, also known as “whales,” have shown increased activity over the past month, indicating potential bullish sentiment around SHIB. Data from IntoTheBlock reveals that whale inflows have risen by 218.84% over the past 30 days.
Simultaneously, outflows from these large holders have dropped by 60.67%, suggesting a reduction in selling pressure. Notably, the recent increase in accumulation by large holders indicates renewed confidence in SHIB’s price trajectory.
Confidence is Growing
According to The Crypto Basic, confidence among Shiba Inu investors has grown, with many believing the token could replicate its impressive 2020 to 2021 rally. This optimism stems from several bold projections for SHIB’s future price.
One of the most ambitious targets is $0.01, a staggering 72,468% increase from current levels. Market analyst Luis “Del Crxpto” Delgado has been a strong proponent of this goal.
In a statement from March, Delgado expressed certainty that SHIB would eventually reach $0.01, citing the performance of Dogecoin as an example of how such a surge is possible.
Shiba Inu’s marketing lead, Lucie, has also shared a positive outlook on SHIB’s potential to hit this milestone. However, she has acknowledged that while $0.01 may be attainable, it is likely a long-term target.
