Bitcoin Analyst Projects 2,276% Shiba Inu Surge to $0.0004729, Says Technical Outlook is Positive

A top Bitcoin analyst has predicted a potential 2,276% surge for Shiba Inu based on a positive technical outlook.

Shiba Inu has been one of the most painful crypto assets to hold recently. Its price has dipped by 3% today, breaching below the psychological $0.00002 level. This latest dip worsens its weekly performance, now at a 12% dip. Moreover, looking at a two-month time frame, SHIB is down by over 20%.

While this performance has hurt holders, some analysts have found reasons to believe a turnaround is imminent. Bitcoin analyst Crypto ELITES recently shared optimistic targets for Shiba Inu in a post on X. He highlighted that Shiba Inu’s technicals look promising.

According to the chart shared by the analyst, SHIB is poised to achieve substantial gains, supported by a classic cup-and-handle pattern, a bullish formation.

Three Shiba Inu Targets to Watch for 22X Upside

The analysis lays out three ambitious price targets for SHIB, starting at $0.000085171. Notably, this target aligns with Shiba Inu’s all-time high and the Fibonacci level 1.00.

Meanwhile, Shiba Inu’s journey to this lofty height requires it to overcome short-term resistance at $0.00002266, $0.00003118, and $0.0000491.

These price points have proven to be strong resistance zones for Shiba Inu in the past few weeks. For instance, Shiba Inu briefly entered the $0.00003 level eight weeks ago but could not defend the threshold.

Meanwhile, Crypto ELITES believes a stronger wave to overcome this barrier is in the works. He noted that after Shiba Inu shatters its 2021 all-time high, it would progress into uncharted territory, trading with just three leading zeros.

In particular, he expects SHIB to progress to $0.000183312. From Shiba Inu’s present value of $0.0000199, this would mean a gain of 821% or an 8X upside for current holders.

However, Crypto ELITES has projected even loftier values for Shiba Inu. Specifically, he argued that Shiba Inu could ultimately reach $0.000472905. The analyst believes the SHIB bull run for this cycle would lose its momentum at this price point.

For context, if these levels are met, SHIB could deliver an impressive 23X return or 2,276% gain from its current price.

Shiba Inu Ready to Take Stage with Bitcoin Dominance Drop

The key to this potential surge lies in Bitcoin’s decreasing dominance, a scenario that often shifts market focus to altcoins.

As Bitcoin consolidates, Crypto ELITES remarked that Shiba Inu appears ready to “take the stage.”

Views of Other Analysts on SHIB’s Potential

Meanwhile, Crypto ELITES is not alone in issuing this bold forecast for Shiba Inu. An earlier analysis published by The Crypto Basic highlighted an analyst’s prediction of Shiba Inu potentially rallying 543% to a new all-time high at $0.0001397.

The analyst argued the journey to a new all-time high will particularly gain momentum when Shiba Inu reclaims $0.000032 and $0.00007056.