Shiba Inu (SHIB) has swiftly rebounded from its recent price correction. Today, SHIB has surged over 9%, compensating for the downtrend and showing resilience. The market cap for the coin has reached $14.23 billion.
Trading volumes have surged over 80% to $972.6 million.
Analysts see SHIB price zooming
TradingView analyst SimpleTrader2018 observed a price compression in the Shiba Inu monthly chart. As depicted in a related chart, the meme coin has been confined to a symmetrical trading range for the past six months.
For the past six months, Shiba Inu has been consolidating within a symmetrical triangle, with the base formed at $0.00001083 in August 2024.
The analyst noted that a resurgence of bullish momentum for Shiba Inu could trigger a substantial price increase.
He suggested that a breakout, potentially occurring within one or two monthly candlesticks, would likely precede a significant upward movement.
Crypto analyst CryptoELITE also sees a bullish surge in SHIB price.
Shiba Inu is gearing up for a 10X rally very soon! 🚀
🎯 Target: $0.00023
📈 Technicals are looking positive.
Who’s holding #SHIB?
He made a bold prediction for Shiba Inu, suggesting a potential tenfold price surge.
In a recent analysis, the commentator highlighted positive technical indicators for SHIB, particularly focusing on a breakout from a symmetrical triangle pattern.
This pattern formed after SHIB’s peak at $0.00004567 in March 2024 and has since seen the coin consolidate within its boundaries.
CryptoELITE predicts that a breakout from this pattern could propel SHIB to a price of $0.00023, representing an 850% surge from its current level. The analyst anticipates this significant move to occur “very soon.”
Broader market sentiment supports SHIB’s momentum
Positive sentiment around Shiba Inu (SHIB) has reportedly been bolstered by increasing token burns.
While the actual burn numbers suggest limitations, these efforts could act as a catalyst for a price rally.
SHIB is also seeing benefits from rising whale transactions and growing market optimism.
The broader crypto market is providing additional support, with Bitcoin rallying above $100,000 and gains in major cryptocurrencies like ETH, XRP, and Solana driving bullish sentiment.
The total crypto market cap has reached $3.6 trillion, up 3.6% in the past 24 hours.
The upcoming Trump inauguration on January 20 is also anticipated to contribute to further momentum.
The meme coin market has also surged. The top meme coins like Dogecoin, Pepe, Bonk, and Pingu are all seeing good momentum.
Could SHIB reach 1 cent?
With all the positive buzz around, some investors are wondering whether SHIB can reach the 1-cent mark and more.
However, that still seems like a distant dream for now.
Currently, there are approximately 589.5 trillion SHIB in circulation.
If SHIB price was to reach $0.01, its market capitalization would exceed $5.89 trillion, surpassing the current combined market caps of major cryptocurrencies like Bitcoin and Ethereum.
It would be even greater than the entire crypto market cap. The crypto market cap currently stands at around $3.6 trillion.
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