- Crypto analyst Crypto Patel predicts a potential 57% surge in Shiba Inu (SHIB) price, based on technical analysis.
- Patel sets two take-profit targets for SHIB: $0.00003578 and $0.000043738, aiming for a 57% increase from its current position around $0.00002773.
- While SHIB and Shibarium show promise for investors amidst the market downturn, it’s crucial to remember the inherent volatility of the cryptocurrency market.
In a recent analysis, crypto analyst Crypto Patel predicted a potential 57% surge in the price of Shiba Inu (SHIB), a popular meme-inspired cryptocurrency. Despite facing resistance around the $0.00003 mark, SHIB has shown remarkable resilience in the face of market challenges, with data indicating a strong resistance level at $0.00002864.
Patel’s in-depth examination of SHIB’s trading patterns on the 4-hour chart has uncovered intriguing insights. Since its decline from the peak of $0.000045 on March 5, SHIB has been trading within a symmetrical triangle.
Although bears have put up a fight, causing a retreat to $0.00002380 by March 16, SHIB managed to break free from the trendline resistance on March 23. This breakthrough has led Patel to identify a potential entry range for long-term investors, spanning from $0.00002700 to $0.00002817.
The analyst’s optimism extends beyond the initial target, as he sets his sights on a 57% increase in SHIB’s price. The first take profit target is set at $0.00003578, with the hope of surpassing the $0.00003 threshold. However, Patel’s ambitions for SHIB reach even higher, with a second target of $0.000043738, representing an impressive 57.13% price jump from its current position around $0.00002773.
Shiba Inu supports the analyst’s outlook
The cryptocurrency’s history of outperforming the market further supports Patel’s bullish outlook on SHIB. With major players like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experiencing gains, SHIB’s previous climb to $0.000045 serves as a testament to its potential.
Meanwhile, Shibarium, the Layer 2 blockchain within the SHIB ecosystem, is making waves of its own. The platform has seen a remarkable increase in Total Value Locked (TVL), reaching $3.85 million. The successful launch of the DAMN meme coin on WoofSwap, which indicates a rising adoption trend within the SHIB community, is largely responsible for this growth.
As both SHIB and Shibarium continue to gain momentum, they present attractive opportunities for crypto investors looking to diversify their portfolios during the current market downturn. With Patel’s technical analysis painting a promising picture for SHIB’s future, enthusiasts and investors alike eagerly await the potential realization of these price targets.
However, it is essential to note that the cryptocurrency market is known for its volatility, and investors should always conduct their own research and exercise caution when making investment decisions. Although Patel’s analysis presents a strong argument for SHIB’s potential growth, the unpredictable nature of the market ensures no certainty.
