Amidst the somber state of the crypto market, an analyst has conveyed enthusiasm for Shiba Inu (SHIB). Krao, a TradingView analyst, has recently predicted a potential rise for the dog-themed crypto asset to $0.001 in the upcoming months. This optimistic projection is hinged on an anticipated breakout following a prolonged descent trendline.
Currently priced at $0.00001337, SHIB has seen a slight increase of 0.26% within the last 24 hours. Krao’s forecast suggests that the token may shed two decimal points, resulting in a substantial 7,379% surge from its current value. In addition to Krao’s analysis, a recent article also contemplated the possibility of Shiba Inu reaching $1.
Emphasizing the breakout, the analyst illustrated a long-term descent trendline that had constrained SHIB’s bullish momentum over the past three years. Despite the challenges faced, SHIB had reached an All-Time High of $0.00008854 in October 2021 before undergoing a significant decline and subsequent consolidation phase.
On another note, the Shiba Inu ecosystem continues to defy expectations with recent developments such as a surge in the burn rate and the launch of new products like Shibarium. Despite concerns surrounding a liquidity run due to a hack at Indodax exchange, SHIB has not suffered a substantial impact on its price performance and is moving steadily towards potential growth.