Shiba Inu To Follow Dogecoin’s Rally: Analyst Shares Two Key SHIB Targets

Shiba Inu (SHIB) appears poised for major growth, according to market analysts, with technical patterns suggesting a potential rally that could mirror Dogecoin’s recent gains.

The meme cryptocurrency is currently trading at $0.00001849, recording a poor surge of 1.3% in the last 24 hours.

Shiba Inu completes descending broadening wedge pattern

Market analyst Alex Clay has identified a completed “Descending Broadening Wedge” pattern in SHIB’s price action, signaling a potential bullish reversal.

https://x.com/cryptclay/status/1853850947543322870

This technical formation, characterized by two diverging downward-sloping trendlines, has resulted in a breakout above the crucial $0.00001833 level.

Clay’s analysis points to two major price targets based on Fibonacci retracement levels.

The first target sits at $0.00003710, corresponding to the 0.382 Fibonacci level, while the second, more ambitious target of $0.00005685 aligns with the 0.618 Fibonacci retracement, though increased selling pressure may be encountered at this level.

Artificial intelligence platforms have provided additional perspective on SHIB’s potential trajectory. ChatGPT outlines three possible scenarios for SHIB’s growth amid Bitcoin’s new all-time highs and the current U.S. election climate:

The modest growth scenario projects a 5-10x increase, potentially pushing SHIB to between $0.00009555 and $0.0001911. Under optimistic conditions, a 15-20x surge could see prices reach $0.00028665 to $0.0003822.

The most bullish scenario suggests a 30x increase to $0.0005733, though this depends on highly favorable market conditions.