Shiba Inu Analyst Sees 1,700% Surge with Resistance Break
Market analyst Crypto Patel has expressed optimism about Shiba Inu's potential for growth, predicting a 1,700% rally if the token breaks above its current resistance level. According to Patel, SHIB is currently trading within its most significant macro accumulation zone since the previous market cycle bottom.
The analyst notes that Shiba Inu has consistently undergone deep corrections before launching powerful recoveries. He cites the example of the 2021 bull market, where SHIB surged 1,636% to an all-time high of $0.000088 after forming a prolonged accumulation base.
Patel believes that SHIB is currently in a similar historical accumulation phase, which could lay the foundation for another major upward move. He identifies several key price targets, including $0.00000670, $0.000013, $0.000024, and $0.000038, before ultimately projecting a move to $0.00008854.
However, Patel stresses that SHIB has not yet confirmed the start of a new bull market. He notes that a weekly close above the key resistance level of $0.00000537 would signal a major shift in market structure.