Shiba Inu (SHIB) Price Signals Potential 405% Surge, Here\'s Why

Shiba Inu (SHIB), touted as the Dogecoin-killer, has suffered significantly in the recent cryptocurrency market downturn.

Shiba Inu (SHIB), often dubbed the “Dogecoin-killer,” has endured a rough patch in the recent cryptocurrency market downturn. The token’s price has taken a hit, dropping by 40% over the past month and 11% in the last seven days. However, a glimmer of hope appeared on Monday as SHIB rebounded by 16%, trading at $0.0000153 and boosting its market capitalization to over $8 billion.

Now, fresh on-chain data reveals a massive acquisition of SHIB tokens, with 155.15 trillion tokens being snapped up at prices ranging from $0.000008 to $0.000014. This significant buying activity suggests that this price zone could be a strong support level, preventing further declines. According to the data, 358,200 addresses purchased these tokens, averaging a price of $0.00001.

This influx of buyers at a specific entry point is likely to be defended by them, possibly even buying more to keep the price from falling below their average price. This defensive strategy could establish a price floor for SHIB and lead to a rebound if market conditions improve.

In a recent analysis, Javon presented an optimistic forecast for SHIB, predicting a potential 5X increase in value. The crux of Javon’s analysis lies in identifying critical breakout and retest points that SHIB has recently encountered. Javon highlights that SHIB has successfully broken free from a long-standing downward resistance trend, marked by key breakout points.

These breakout and retest points are crucial as they represent moments where SHIB’s price action overcame and surpassed the resistance line. This breakout indicates a shift in market sentiment, transforming the former resistance into a support level. The retest phase further validates this breakout, confirming the strength and reliability of the new support line.

SHIB Signals Potential 405% Surge

Javon emphasizes the significance of this breakout, suggesting that it could signal a substantial price run. He points out that SHIB’s holding above the former resistance line is a bullish indicator, hinting at a potential rally. According to Javon’s chart, this upward movement could reach a price level of $0.000081, marking an impressive 405% increase from the price of $0.0000160.

Adding to the optimism, several predictions suggest significant growth for Shiba Inu in the coming years. Crypto trading platform Changelly forecasts that SHIB could eliminate a zero and hit $0.0001 by 2027. Similarly, Google Bard, now known as Gemini, projects the same target for SHIB in the same year.

Prominent market watcher Sam TCR also shared his positive outlook on June 20, predicting that Shiba Inu would soon experience a substantial rebound. This rebound, he said, could drive its price to $0.0001. Despite the current market downturn, these predictions highlight the potential for SHIB’s future growth.

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