Shiba Inu (SHIB) Poised for 2x-3x Gain as Bullish Sentiment Surges

Shiba Inu (SHIB) has been experiencing a downtrend due to the bearish sentiment prevalent in the broader cryptocurrency market. However, analysts are optimistic that the meme coin could be on the brink of a significant breakout, potentially leading to gains of 2x or 3x. Given the current market conditions, the question arises: how long will it take for SHIB to reach these targets?

Currently, Shiba Inu is trading at $0.0000132, marking a slight 1% increase over the past 24 hours. The meme coin has rebounded from its recent lows, which reached $0.0000108, the lowest level in seven months. This rebound suggests that traders may have accumulated SHIB during the dip, positioning it for a potential reversal.

Popular analyst Charting Guy predicts that if Shiba Inu continues its upward trajectory, the price could surge by 2x to 3x. The analyst sets the next targets for SHIB between $0.0000280 and $0.000032. This analysis projects that SHIB could reach these price targets within the next two months. Additionally, the derivatives market indicates that traders are positioning themselves for this potential uptrend.

Derivative traders appear to be taking long positions, anticipating a near-term rise in Shiba Inu's price by 2x to 3x. SHIB’s open interest has increased by more than $20 million in less than four days, and funding rates have turned positive. This surge in open interest suggests growing confidence in a bullish Shiba Inu price prediction. As more long traders open positions, it is possible that the SHIB price could rise by more than 3x within weeks.

Technical indicators also support a bullish outlook for Shiba Inu. The meme coin has broken out of the upper trendline of the falling wedge pattern on the four-hour chart, indicating that bearish momentum has weakened. The Relative Strength Index (RSI) is rising and stands at 59, showing that bullish momentum is at play. The Moving Average Convergence Divergence (MACD) indicator on the four-hour chart is also rising and has flipped positive, signaling increasing buying pressure.

As SHIB makes a bullish breakout from the falling wedge pattern and technical indicators turn positive, the price is likely to not only register a 3x gain but also swing to the 161.8% Fibonacci level of $0.000048. Analysts' bullish predictions, coupled with positive technical indicators, suggest that SHIB could not only make a 2x to 3x rally in the next month but also surge to a multi-month high of $0.0000468.

In summary, despite the recent downtrend, analysts are optimistic about Shiba Inu's potential for significant gains. The current market conditions, technical indicators, and trader sentiment all point towards a possible breakout that could lead to 2x or 3x gains in the near term. However, it is important to note that cryptocurrency markets are highly volatile, and these predictions should be taken with caution.