Shiba Inu Getting Ready for a 50% Upside Swing

• Shiba Inu’s potential 45 percent surge from $0.000009 to around $0.000013 is highlighted by Poppe. 

• The recovery of ascending support and a possible 50 percent breakout from the triangle pattern are noted. 

As per popular crypto analyst Michael van de Poppe’s analysis, there’s potential for Shiba Inu to surge by 45 percent from its current value of $0.000009 to around $0.00001300. He emphasized that this upward movement relies on SHIB maintaining specific levels and exhibiting steady growth. Poppe projected that if SHIB manages to retain its support levels, the Shiba-themed token could witness a positive outcome.

As long as $SHIB holds a few levels, it seems very likely we’ll continue towards 1300. pic.twitter.com/ZkN2H1Kw9o

— Michaël van de Poppe (@CryptoMichNL) August 15, 2023

He stated, “As long as SHIB holds a few levels, it seems very likely we’ll continue towards 1300,” This marks an increase and a potential return on investment (ROI) of roughly 45 percent from its present value. Additionally, with the introduction of Shibarium, the impact on SHIB’s price will be observed closely. Shibarium might steer SHIB towards the $0.01 trajectory, transforming investors into millionaires.

Related: SHIB Price Plunges 9% As Important Tool From Shiba Inu Ecosystem Launches with Technical Issues – Is now the Time to Buy the Dip? All Details

Continued Growth of Shiba Inu (SHIB) Price

Since touching a new yearly low at $0.0000054 on June 10, the SHIB value has rapidly surged. This ascent has translated to an 80 percent gain, surpassing Bitcoin and the wider cryptocurrency market’s performance. This increase carries significance as it facilitated the price’s recovery of the ascending support line from an earlier symmetrical triangle alongside the $0.0000080 support level. This recovery suggests that the prior breakdown was merely a deviation and not the initiation of a bearish trend reversal.

Shiba Inu Price Analysis

As anticipated, the SHIB price has surged notably following this recovery, now positioning itself in the midst of the triangle’s range. A potential breakout from the triangle pattern might result in a 50 percent upsurge, propelling the price to the resistance zone at $0.0000150. This level has remained unattained since the beginning of this year in January.

Following an evening star pattern, the SHIB coin has decreased by 14 percent, resulting in multiple bearish candles. In a scenario outlined in our previous SHIB price analysis, the meme coin has approached a test of the 200-day EMA. Notably, the daily candle exhibits a lower price rejection through a long tail formation, potentially signaling hope for reversal if prices remain above the 200-day EMA.

Currently, the SHIB coin’s intraday growth is 1.30 percent, with a current trading price of $0.00000933, nearing the psychological threshold of $0.000010. The surge in trading volume lends credibility to the ongoing correction phase, aligning with technical indicators. The MACD indicator indicates a bearish crossover, and the RSI line descends toward the midpoint.

Should the bullish trend exceed the 200-day EMA, a reversal rally could lead to reclaiming the $0.000010 level. Furthermore, a breakout beyond the 50 percent Fibonacci level could result in a 21 percent additional gain for the Shiba Inu coin, reaching $0.00001296.

However, failing to rise above the 200-day EMA might lead to a downtrend testing the 50-day EMA. This subsequent decline could challenge the ascendancy of the bullish trendline, signifying a substantial correction and a potential buying opportunity.

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