Shiba Inu (SHIB) Surges 19% Weekly, Analyst Predicts 1,500% Gain

Shiba Inu (SHIB) has garnered significant attention from a prominent crypto analyst who predicts a potential surge of over 1,500%. The analyst, MasterAnanda, believes that the current upward trend in SHIB is still in its early stages, positioning it as a stronger play compared to assets that have already made significant gains. This forecast suggests that SHIB could erase another zero from its price, reaching previously unrecorded levels.

Over the past few months, SHIB has experienced a consistent downtrend, with lower highs and lower lows since its peak of $0.00004567 in March 2024. The token dropped to $0.00003074 and has remained within a descending triangle pattern, with price action gravitating toward the lower boundary of the formation. However, recent market activity indicates a potential reversal. SHIB has posted a strong green weekly candle, increasing by approximately 19% over the past week, marking one of its strongest weekly performances since the first week of May.

Despite this price improvement, SHIB remains below the 200-day moving average (MA200), a key technical indicator used to determine overall trend direction. As long as the price remains under the MA200, which currently stands at $0.00001634, analysts generally view the broader trend as bearish. Breaking above this level would be a critical step in confirming sustained upward momentum.

MasterAnanda has outlined a set of potential price targets for SHIB based on Fibonacci retracement and extension levels. The first target is $0.00003203, which corresponds to the 0.50 Fibonacci retracement level and would represent a breakout from the current triangle formation. If SHIB maintains its momentum, the next significant price levels are $0.00006767 (1.618 extension) and $0.0001032 (2.618 extension). The analyst regards $0.0001032 as the baseline for a new all-time high this cycle.

Beyond that, the analysis includes further bullish targets: $0.0001743 and $0.000220491, which reflect the 3.618 and 4.618 Fibonacci extensions, respectively. These projections represent gains of approximately 1,183% and 1,529% from the current trading price of $0.00001360. This optimistic outlook aligns with previous assessments from other market commentators, including analyst Alan Santana, who suggested a similar potential breakout from SHIB’s descending triangle formation.

While SHIB has experienced a prolonged period of downward movement, current technical indicators and renewed market interest suggest a potential shift in trend. However, a confirmation above key resistance levels, particularly the 200-day moving average, remains essential before a sustained bullish trajectory can be validated. This analysis underscores the potential for significant gains in SHIB, but investors should conduct thorough research and consider the risks involved before making any investment decisions.