SHIB Analyst Predicts “Face-Melting” Rally for Shiba Inu with Strategic Entry Point

• Double bottom formation signals potential 1,346% rally for Shiba Inu.
• Analyst identifies $0.00000808 as key “big bang buy” entry point.
• Target zones include previous ATH and potential new record high.

A notable market analyst has outlined a strategic entry point for Shiba Inu (SHIB) investors, suggesting the meme token is poised for a dramatic price surge that could deliver quadruple-digit percentage returns.

Pseudonymous analyst “illagodzilla” shared a detailed TradingView analysis indicating that Shiba Inu is preparing for what they described as a “face-melting rally.” The prediction is based on a bullish double bottom formation developing on SHIB’s higher timeframe charts.

According to the analyst’s accompanying chart, Shiba Inu’s recent downtrend is actually part of a larger bullish pattern. Four months in a row, the second-largest meme coin has been in decline, retracing 43% so far this year. According to the study, SHIB is getting close to finishing a double bottom formation on the monthly timescale.

Shiba Inu approaching double bottom formation completion

The analysis highlights that SHIB is approaching the completion of a double bottom formation on the monthly timeframe. The first bottom appeared in June 2023, with the subsequent rebound to the March 2024 high of $0.4567 establishing the pattern’s neckline. Following a 73% correction from this neckline, the token is now approaching the base of the structure where the second bottom would form.

Upon completion of this pattern, illagodzilla predicts Shiba Inu could rally to two significant price targets. First, there would be a 640% increase to $0.00008854, which would be equal to SHIB’s previous record high set in October 2021. The second, more ambitious target suggests a 1,346% rally to $0.000173, which would represent a new record high for the token.

The analyst has identified what they term a “big bang buy” entry point at $0.00000808. This level would not only complete the W-shaped bullish structure but also serve as an optimal entry position for new investors and a dollar-cost averaging opportunity for existing holders. It would take another 56% correction from SHIB’s current price of $0.00001196 to reach this entry point.

Despite this potentially significant additional downside before the predicted rally, Shiba Inu has shown recent signs of strength, gaining nearly 2% today amid broader market weakness. This positive momentum may be partially attributed to recent comments from Shiba Inu lead developer Shytoshi Kusama, who cryptically hinted that “something big is on the horizon” for the project.

illagodzilla’s forecast aligns with several other bullish predictions for the meme token. Market analyst Oscar Ramos previously suggested SHIB could reach $0.00017 this year, describing it as a “realistic target.” Additionally, the Shiba Inu development team recently endorsed an analysis projecting a surge to $0.0001833.