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Shiba Inu has broken out from a descending trendline on a lower timeframe, sparking predictions of a near-term rally towards September’s high.
A recent TradingView analysis from “Satososhi1242” spotlighted this, tipping Shiba Inu to rebound considerably from recent downsides. Notably, the doggy-themed meme token corrected 5.65% last week but has shown signs of life over the past 24 hours.
For context, Shiba Inu is up 1.83% in the past 24 hours, cutting down its losses over the past seven days to 1.47%. It is now down only 2.63% since the start of September, showing strength, especially as the month nears its end.
Upon breakout, $SHIB retested the channel, dropping to $0.00001158 before resuming a bullish continuation. Now, the analyst has predicted a sustained push to $0.00001460, representing a 25% profit from his entry point. From the current market price of $0.00001190, this marks a 22.7% growth.
Shiba Inu Bulls Grow Louder
Remarkably, his analysis contributes to the renewed enthusiasm within the Shiba Inu community, suggesting that $SHIB may reverse bearish trends and target higher prices. One such projection came from Market Spotter, who predicted an even higher target for Shiba Inu.
His analysis featured a potential breakout from a falling wedge on the weekly chart, one with a history of sparking a rally for the token. Taking a page from the previous occurrence in February 2024, he predicted that Shiba Inu would target a rally to $0.00004567.
Another analysis predicts a 600% upsurge for Shiba Inu. Specifically, MMBTrader shared that while the short-term outlook appears bearish, $SHIB will post a jaw-dropping comeback, targeting a four-year high of $0.00007730.
Despite the bullish sentiments, Shiba Inu would have to sustain momentum to hit any of these targets. Notably, The Crypto Basic earlier reported that $0.00001230 is a key support area that $SHIB needs to reclaim. Until it does that, the token faces the risk of a further downtrend to $0.0000110.
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