The market analyst believes the Shiba Inu sets the stage for a possible 1,700% growth.
Amid a broad upward trend in the cryptocurrency market, many speculators are wondering how high crypto assets can rise. For the leading meme coin Shiba Inu (SHIB)One market observer suggested the answer to that question could be “very high.”
Renowned crypto analyst CryptoELITES opined that SHIB could rise to the $0.000472905 price level in the current bull market. At current prices of $0.0000268, the projected price represents an increase of nearly 1,700%.
CryptoELITES made this call post X on Tuesday, December 10, shared a chart suggesting that SHIB had formed a cup and handle pattern on its weekly candlestick chart. This chart, which persists for more than three years, is generally considered bullish as it often signals a continuation of the uptrend.
It is noteworthy that the chart shows a descending trend line, which has acted as resistance for SHIB since October 2021. The analyst expects SHIB to break this trend line and rise to $0.000085171, $0.000183312 and eventually $0.000472905.
However, CryptoELITES argues that this is contingent on Bitcoin’s dominance collapsing, leading to more capital flowing into altcoins and memes in a bull market.
For context, Bitcoin’s market cap dominance has dropped sharply over the past few weeks from a high of around 61.53% to a low of 54.78% and currently stands at around 57.17%.
Interestingly, @CryptoELITES is not the first analyst to forecast SHIB to rise to around the $0.0001 and $0.0004 price points in recent months.
In April 2024 Market Observer Eunice Wong stated that SHIB was ready to reach the $0.0001 price level. In July 2024, the chairman of the CIFDAQ blockchain ecosystem, Himanshu Maradia said Forbes that he expects to see SHIB trading between $0.0001 and $0.0003.
What will drive this rally, which seems to be plucked straight from the wet dreams of a SHIB holder, and when will it materialize?
Maradia suggested that continued favorable market conditions and the development of the SHIB ecosystem will fuel the SHIB rally.
As for how long it will take to implement, analysts remain divided. While market commentators such as Wong and Maradia believe 2025 is a year to watch. Changelly currently offers that $0.0001 won’t happen until 2029 and $0.0003 won’t happen until 2033.
