Analyst Says Shiba Inu Will Soon Surprise Us with Weekly 100% Candles

With the optimism of strong support levels for Shiba Inu (SHIB), an analyst has predicted a price rebound to multi-year price highs. Shiba Inu has corrected 4.35% in the past 24 hours, joining a broader market sideways trend. The downside brings its seven-day retracement to 7.35% and year-to-date to 40.5%, as the meme coin continues to trade outside the top 20 cryptocurrencies by market cap. Nonetheless, analyst MMB Trader believes that Shiba Inu would regain bullish momentum if it successfully retests its weekly support levels. In a TradingView analysis, he expressed optimism that SHIB would, in the near term, shrug off sideways trends and surprise the market with massive weekly rallies. Shiba Inu Weekly Support Is Strong For context, the market commentator highlighted that the weekly support at $0.000010 and $0.000007 is strong enough to hold any downward momentum, a conception he formed from past events. Notably, the major support at $0.000007 provided a cushion for SHIB during its steep decline during the Shiba Inu bear market. The meme coin fell to $0.00000714 in July 2022, a 91.9% decline from its 2021 peak price of $0.00008854. While it bounced from the support, it retested the price mark again in June and October 2023. However, even at this point, bears still could not break below the strong demand wall. Meanwhile, Shiba Inu broke out in late February 2024, rallying from $0.00000967 to a high of $0.00004567 on March 5, 2024, during the meme coin mania of the time. Faced by insurmountable resistance, Shiba Inu retreated to another strong weekly support at $0.00001078 over five months. The support, coupled with a broader market uptrend, spurred Shiba Inu’s rebound to $0.00003343 in December 2024 before another rejection. Since then, SHIB has retested the $0.000010 support a couple of times, specifically in March, April, and June this year, and has rebounded at each revisit. SHIB 100% Weekly Candle Incoming? With his confidence in the two weekly supports, the analyst predicted that either of them would end Shiba Inu’s bearish trend if it reached them. In any situation, however, he asserted a change of course for the meme coin, asserting it will surprise the market with 100% weekly candlesticks. In his first bullish case, he predicted that SHIB would break out from a descending trendline to its first target of $0.00003364. This represents a 169% price surge from its current market price of $0.00001249.

Subsequently, he expects a rally to $0.00005480, a price mark it last saw in 2021. The uptick culminates in a 338% growth. Ultimately, he predicts a 517% upsurge to $0.00007716. Interestingly, this aligns with a price prediction from market watcher Hunters Company, who called Shiba Inu a good buy, suggesting it is going to $0.00007380. Analyst PouyanTradeFX also forecasted a similar price outlook for Shiba Inu in December 2024, predicting a surge to $0.000074.