Shiba Inu (SHIB) Price Could Surge 540%? Analyst Signals Bullish Pattern
Shiba Inu Price Prediction: Analyst Eyes Potential 540% Gain
Shiba Inu (SHIB) is gaining momentum, currently trading at $0.00001321, a 7.82% daily increase. This upward movement coincides with bullish chart patterns, suggesting a possible breakout in the coming months. Macroeconomic factors, particularly recent dovish remarks from Jerome Powell regarding U.S. monetary policy, further fuel these expectations.
Inverse Head and Shoulders Pattern Suggests Upside
Analyst Javon Marks points to a clear inverse head and shoulders formation in Shiba Inu's price chart. This pattern indicates a potential 540% surge with a target of $0.000081. The pattern's head is around $0.000006, with shoulders forming a support zone at $0.000010–$0.000012.
Key levels to watch:
- Support: $0.000010–$0.000012
- Resistance: $0.0000140–$0.0000155
- Neckline: $0.000017-$0.000018
A break above the $0.0000140–$0.0000155 resistance could drive SHIB towards the neckline at $0.000017-$0.000018. Surpassing this level could then lead to tests of $0.000020–$0.000025, followed by stronger resistance at $0.000032–$0.000035. Sustained buying pressure may push SHIB towards $0.000045 and eventually the long-term target of $0.000081. A drop below $0.000010, however, would invalidate this bullish outlook.
Powell's Remarks and Crypto Market Surge
Jerome Powell's recent dovish statements have boosted risk appetite across financial markets, including cryptocurrencies. This sentiment contributed to the overall crypto market capitalization exceeding $4 trillion. While Bitcoin and Ethereum led the gains, meme coins like SHIB also benefited from increased liquidity and investor interest.
Increased institutional and retail participation is driving higher trading volumes. Continued macroeconomic support could pave the way for Shiba Inu to reach its projected breakout levels.
Summary
Shiba Inu exhibits technical strength with an inverse head and shoulders pattern. Positive sentiment following Powell's statements adds further confidence to the crypto market. Clearing neckline resistance could make the 540% target of $0.000081 attainable.