Shiba Inu (SHIB) is experiencing a downtrend alongside the broader cryptocurrency market. Although the meme coin is up 2.87% over the past 24 hours, it has dropped 13.13% over the past week.
Despite the short-term bearish sentiment, a recent analysis by a market analyst on TradingView offers a bullish outlook for SHIB in 2024, outlining potential price targets and areas of caution.
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The analysis establishes a sequence of potential price points for SHIB throughout 2024. These targets signify possible price levels SHIB could reach, reflecting an overall optimistic view of the meme coin’s future. The projections begin with lower prices and gradually increase, suggesting an upward trajectory.
The initial target sits at $0.00005049. This price point represents an 85.1% increase from SHIB’s current price of $0.00002727. The analyst then forecasts further growth to $0.00005126 and $0.00005393 before a more substantial jump to $0.00005486.
These predictions are significant because SHIB has not reached $0.00005 since the correction that followed its all-time high. Another prominent analyst recently shared another potential for SHIB to reach $0.00005.
The analyst expects the upward journey to continue, and surpassing $0.00005 could propel SHIB towards $0.00006291. Continued momentum beyond this level might see the coin reach $0.00006735, eventually reclaiming $0.00007578.
The analyst ventures even further, establishing price targets of $0.00007711 and $0.00007855. The most ambitious target presented is a distribution price of $0.00008488, hovering just below SHIB’s all-time high of $0.00008845.
Potential Roadblocks
While the price predictions paint an optimistic picture, the analyst acknowledges potential obstacles that could disrupt the projected price movement. Particular attention is drawn to a possible anomaly in the data observed in December 2023. This anomaly could potentially influence price action, and the analyst suggests a price point of $0.00001249 as a level to monitor closely.
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The analysis further highlights a critical missed opportunity in January 2024. In December 2023, a support level was identified. The analyst contends that the ideal scenario would have been for SHIB’s price to revisit and retest this level in January. Because this retest did not happen, the analyst sees a potential drop to $0.00001045 where history repeats.
Long-Term Optimism for Shiba Inu (SHIB)
Despite acknowledging these potential roadblocks, the analyst maintains a long-term optimistic stance on SHIB’s prospects. The analysis emphasizes that even if the projected price points are reached, a correction toward the previously mentioned cautionary levels might still occur. Nevertheless, SHIB’s popularity is rising rapidly, and the sentiment surrounding the meme coin is bullish.
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