In spite of the lackluster state of the cryptocurrency market, a single analyst remains hopeful for Shiba Inu (SHIB). Krao, an analyst on TradingView, has recently forecasted a potential rise for the dog-themed digital asset to reach $0.001 in the coming months. Krao indicated that this upsurge would be a result of a significant breakout post a lengthy period of decline.
The current trend for Shiba Inu shows a forthcoming breakout stemming from a downward trendline that has constrained SHIB’s bullish momentum for the past three years. Trading at $0.00001337 with a marginal 0.26% increase over the past day, SHIB per Krao’s forecast stands to shed two decimal points. If this projected rally materializes, SHIB’s value could skyrocket by a remarkable 7,379% from its current valuation. Additionally, an alternate SHIB price analysis raised the possibility of Shiba Inu escalating to $1.
Supporting his argument, Krao presented a chart depicting a long-standing descending trendline that has kept Shiba Inu under pressure since late 2021. Following its peak at an All-Time High (ATH) of $0.00008854 in October 2021, SHIB underwent a substantial decline amid the broader market downturn. Upon entering a recovery phase, the token then shifted into a consolidation period marked by lower highs within the range of $0.000005 and $0.00003. This duration hinted at an imminent, mild surge in SHIB’s price.
Despite the recent incident on the Indodax exchange where a large-scale hack depleted $22 million in liquidity, including 9 billion Shiba Inu tokens, SHIB’s market value has remained relatively stable. The community is anticipating the anticipated breakout, yet the ecosystem hasn’t experienced any significant setbacks post-hack. Moreover, the Shiba Inu environment is surpassing expectations, witnessing notable progress such as an 8000% surge in the burn rate within a day, resulting in the destruction of around 3 million tokens. With developments like Shibarium auto burning and DAO governance, the memecoin initiative is strategically advancing towards the anticipated surge in value.