Top Analyst Says Shiba Inu (SHIB) Is a Potential Gold Mine. Here’s why – Times Tabloid

Shiba
Inu
(SHIB)
has
garnered
attention
from
various
analysts.
One
in
particular,
Davie,
believes
it
has
the
potential
for
significant
price
appreciation
in
the
short
and
long
term.
This
outlook
is
based
on
a
technical
chart
pattern
identified
by
the
analyst,
suggesting
a
bullish
continuation
for
SHIB.
He
further
termed
SHIB
as
a

potential
gold
mine.

Bullish
Pennant
Formation
on
Shiba
Inu
Chart

Davie’s

analysis
hinges
on
the
bullish
pennant
on
the
SHIB
price
chart.
This
specific
pattern
often
emerges
after
a
strong
uptrend,
characterized
by
a
brief
consolidation
period
visualized
by
converging
price
bars.
The
formation
suggests
a
potential
breakout
and
continuation
of
the
prior
upward
momentum.

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Also:
64
Trillion
SHIB
Purchased
in
30
Days.
Here’s
the
Significance

While
SHIB
has
experienced
a
downtrend
since
reaching
$0.000045
in
March,
the
pennant
pattern
signifies
a
possible
reversal.
The
converging
price
bars
within
the
pennant
indicate
a
potential
pause
before
a
price
increase.

Analyst
Projects
Price
Target
and
Short-Term
Gains

Davie
acknowledges
his
previous
underestimation
of
SHIB’s
potential
and
emphasizes
the
promising
short-term
outlook
based
on
the
pennant
formation.
He
projects
a
price
target
exceeding
$0.00005
upon
a
resurgence
of
bullish
momentum.
Considering
Shib’s
current
price
of
$0.00002476,
this
target
translates
to
a
potential
102%
increase
in
the
short
term.

ADVERTISEMENT

Room
for
Higher
Price
Targets?

The
bullish
sentiment
surrounding
SHIB
extends
beyond
Davie’s
analysis.
Bunny
Boy
reacting
to
Davie’s
analysis

proposes
an
even
more
substantial
price
increase
of
600%
within
the
next
three
weeks.
This
prediction
draws
inspiration
from
SHIB’s
rapid
growth
during
its
first
bullish
phase,
where
the
price
surged
by
373%
in
less
than
ten
days
between
late
February
and
early
March.

Notably,
Davie
isn’t
the
sole
analyst
recognizing
the
bullish
pennant.
Market
analyst
Eunice
Wong
also

identified
the
pattern
a
few
weeks
ago,
albeit
with
a
more
conservative
target
of
$0.000125,
representing
a
potential
409%
increase.

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—
TimesTabloid
(@TimesTabloid1)

July
15,
2023

Read
Also:
Analyst
Warns
of
Imminent
Steep
Fall
of
Bitcoin
(BTC).
See
How
Low
It
Could
Drop

Current
Market
Status
and
Past
Performance

According
to
data
from
CoinMarketCap,
SHIB
currently
trades
at
$0.00002476,
reflecting
a
slight
decrease
of
1.5%
over
the
last
day.
However,
it’s
important
to
consider
the
coin’s
6%
gain
within
the
past
48
hours,
potentially
influenced
by
the
broader
Bitcoin-driven
market
rally.

The
identification
of
a
bullish
pennant
formation
on
the
SHIB
chart
has
sparked
renewed
interest
in
the
cryptocurrency.
While
analysts
offer
varying
price
targets,
the
underlying
sentiment
suggests
potential
for
significant
price
appreciation
in
the
near
future.
However,
it’s
crucial
to
remember
that
cryptocurrency
markets
are
inherently
volatile,
and
these
predictions
should
not
be
treated
as
financial
advice.

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