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Amid a recent price rebound, a top analyst has predicted that Shiba Inu is on the cusp of a rally to levels last seen over a year ago.
Shiba Inu, the second-largest meme coin by market cap, recently started to rebound after a period of price underperformance. For perspective, Shiba Inu dropped 69% from its high of $0.0000334 in December 2024 to a low of $0.00001004 in June, while Bitcoin reached multiple all-time highs within that timeframe.
Currently, Shiba Inu is still down 31% from its opening price on January 1, but things seem to be changing quickly for the meme coin. Specifically, SHIB has rallied 17% in the past seven days and is up 6.2% over the past day, as it continues to cut down its losses.
For context, Shiba Inu rallied extensively from the support in early 2024, reaching a high of $0.00004567. However, it faced insurmountable resistance, which sparked a retracement to the same support on August 5, 2024.
Meanwhile, Shiba Inu bounced from this support area to its December peak before facing another rejection. Since then, the memecoin has retested the $0.000011 support level four times, specifically on February 3, March 11, April 7, and most recently on June 22.
Buy Areas as SHIB Set for Massive Rally
Notably, the market watcher set his first buy area for the impending rally at $0.00001092, an area that Shiba Inu has since surpassed. Nonetheless, there is another buy opportunity at $0.0000188, which is about 31% away from its current price.
For his target, he predicts a 130% rally from Shiba Inu’s current price to a 21-month high of $0.00003352. However, from his first entry at $0.00001092, it would amount to a 206% upsurge.
The analyst did not provide a timeline for this rally but advised patience among holders. He revealed that he has been in a Shiba Inu trade for five months and would not mind holding for one to two years, as long as it reaches his target.
Moreover, he joins a growing list of bulls calling for higher prices for Shiba Inu. For perspective, a recent analysis highlighted that SHIB will reclaim $0.000035 if it clears several major supply clusters.