The optimism in the cryptocurrency market rises as investors anticipate new heights for leading assets. Among them, Shiba Inu (SHIB) attracts analysts' attention with significant growth forecasts in the current market cycle.
Shiba Inu: Anticipation of New Heights
A noted market analyst, Crypto Sheriff, has predicted that Shiba Inu could surpass its all-time high of $0.00008616, achieved during the 2020/2021 market cycle. In a post shared on December 15, the analyst stated that the outcome is inevitable, emphasizing the coin’s potential in the ongoing bullish trend.
Bullish Patterns for Shiba Inu
While Crypto Sheriff maintains a positive outlook, other analysts have provided additional technical insights supporting the possibility of a significant price increase. On December 10, CryptoELITES identified a bullish cup-and-handle formation on Shiba Inu’s weekly chart. The analyst noted that if the token breaks above a long-standing downtrend line, it could potentially reach $0.0004729, marking a 1,700% increase from its current value.
Downside Risks
Despite the optimism, some analysts have highlighted potential risks. As earlier reported by Times Tabloid, market commentator PouyanTradeFX warned that if Shiba Inu fails to overcome the downtrend, the token could significantly decline. In this scenario, prices might drop to the $0.000011 range.
The asset’s recent performance and technical setups have fueled speculation about its potential to reach new highs. Analysts like Crypto Sheriff and CryptoELITES are optimistic about the token’s future, while others urge caution, emphasizing the importance of breaking resistance levels to confirm a bullish trend.
