Shiba Inu (SHIB) Price Prediction: Prominent Market Analyst Expects the Recent Resurgence to Continue

A prominent market analyst expects the recent Shiba Inu resurgence to continue, predicting further upside after a bounce from an accumulation zone. By Sebastian Joseph.

Shiba Inu has displayed remarkable resilience throughout March and April, a factor that might propel the meme coin to higher prices, eCoinsToday reports.

Shiba Inu has shown strength throughout March and April, a factor that might propel the meme coin to higher prices, an analyst at StrongHedge predicts.

Shiba Inu has been on a good run, and the charts attest to this fact. The second-largest meme coin has surged by 8% last week, not to mention that it is now trading in the green for the third consecutive week.

Further highlighting the bullish price action, the crypto is now up by 27% since hitting a low of $74,393 in early April, to trade at $95,000.

This has contributed to recent gains in Shiba Inu, as the crypto is still up 36% from its intra-month low of $0.00001029.

This recovery has seen traders speculate that Shiba Inu will rally to new highs before the bull run ends.

Indeed, StrongHedge predicts a lower high price action on the daily chart. Specifically, he highlighted that SHIB encountered an accumulation zone with its April 9 rejection of lower prices, contributing to the asset’s momentum to the north.

From here, the analyst predicts a 114% rally to $0.00003, a price level that Shiba Inu last saw in December. He identified the target in an accompanying chart, highlighting two possible resistance levels for this uptrend.

First, his commentary suggested a supply zone around February’s high of $0.00001734. If SHIB breaches the level, it will face another impediment around $0.000024, a support-turned-resistance area where the token was rejected multiple times in December and January.

Interestingly, this analysis follows a commentary from CryptoELITES who predicts a 16-fold Shiba Inu rally.

The market watcher identified that the meme coin sits at a strong support zone in a forming symmetrical triangle, projecting a potential “big move” to $0.000230, a staggering 1,542% uptick from the current market price.

Moreover, analyst “SABoikie” predicted a similar parabolic expansion for SHIB. According to a report, he speculated on a possible surge to $0.00010, citing a potential fractal repetition. Nonetheless, the analyst insisted that Shiba Inu is a good buy from here, regardless.

In the meantime, Shiba Inu trades at $0.0000140 at the time of writing, up 3.57% over the past 24 hours.

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