Bullish Drive For $0.001 SHIB Price Renewed As Shiba Inu Ecosystem Developments Blow Up Heavily
In the wake of recent market fluctuations, the Shiba Inu (SHIB) token shows strong signs of gearing up for a mega rally fueled by bullish indicators and significant fundamental developments.
Despite its origins as a meme token, SHIB has established itself with a vibrant community and now stands resilient in the face of market volatility. Despite low trading activity and the absence of whale transactions exceeding $1 million, SHIB rebounded strongly from a robust yearly support level last month. This resilience has encouraged the community, with analysts predicting upside potential for the cryptocurrency to hit the highly coveted $0.001 price level.
On Monday, renowned crypto analyst Ali Martinez offered insights into SHIB’s potential trajectory, suggesting, “If Shiba Inu breaks the upper boundary of this descending parallel channel at $0.00002444, $SHIB could witness a 20% upswing to $0.00002954.”
Martinez’s optimistic forecast builds upon his earlier analysis from May 1st, where he identified the formation of a bullish flag pattern for SHIB.
Elsewhere, analyst “LingridTrader” highlighted a double bottom formation at a crucial support level, signaling a potential trend reversal. Furthermore, according to the analyst, a triangle formation on the daily chart suggests a classic trend continuation pattern, hinting at an impending breakout. “This pattern indicates a price squeeze, where the market is building up energy for a breakout,” she noted earlier on Monday.
In anticipation of this movement, “Lingrid” revealed expectations of a temporary pullback towards the support level before the resumption of upward momentum, with a target set at the resistance zone at 0.00002440.
That said, SHIB’s fundamental landscape also remains promising. Last week, leading institution Nexo reaffirmed its support for SHIB, highlighting its evolution from a joke meme coin to a symbol of communal strength since its inception in August 2020. MarketVector, a subsidiary of the US asset management giant VanEck, also launched a new index, MEMECOIN, which includes SHIB, among other popular meme tokens.
These developments point to increasing interest by big investors in SHIB. Over $13 billion has been invested in SHIB, propelling its market capitalization to 11th place, just behind Cardano.
