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A crypto analyst has raised the possibility of Shiba Inu (SHIB) rising to as high as $0.0001. As part of his analysis, he highlighted certain factors that could contribute to the meme coin experiencing this parabolic price surge.
Shiba Inu To Rise To $0.0001 If History Repeats Itself
Crypto analyst Bunchhieng suggested in his analysis that SHIB could attain such a price level if history were to repeat itself, and SHIB mirrors its bullish pattern from the 2021 bull run. He affirmed that based on the patterns that he observed from the previous bull market, it was “quite possible” for SHIB to hit $0.0001.
Source: Tradingview.com
The analyst also tried to clear the doubts of those who believe that such a price surge isn’t likely considering SHIB’s market cap, stating that anything was possible in the crypto world. Meanwhile, he added the SHIB burn rate, which has continued to increase exponentially, as another factor that could have a “positive effect” on the meme coin’s value.
Bunchhieng’s price prediction also looks feasible when one considers crypto analyst Rekt Capital’s recent analysis, in which he suggested that SHIB was already mirroring its price action from 2021. Back then, he revealed that SHIB, similar to 2021, had successfully retested the $0.000026041 price as a new support level.
In a more recent update, Rekt Capital also suggested that SHIB was showing enough strength to make a similar run to the one in 2021, stating that SHIB’s current support level served as resistance for the meme coin in early 2022.
SHIB Could Indeed Hit $0.0001
Bunchhieng isn’t the only crypto analyst who believes that SHIB can hit $0.0001. Crypto analyst Javon Marks also predicted that the meme coin could rise to $0.0001553 once it hits the $0.000081 price range. Interestingly, these aren’t even the most bullish predictions for Shiba Inu.
Crypto analyst Armando Pantoja, who recently outlined his price targets for different crypto tokens, predicted that the meme coin could rise to $0.001 after the Bitcoin Halving. Meanwhile, crypto analyst Ali Martinez predicted that SHIB could rise to $0.011, although he didn’t give a specific timeline for when this unprecedented price surge will occur.
Despite the varying price predictions, it is, however, clear that SHIB is more than likely to hit a new all-time high (ATH) in this bull run. Pseudonymous crypto analyst and trader Xanrox believes this could happen as soon as July, predicting that the crypto token would rise to $0.00008854 by then.
SHIB price starts recovery trend | Source: SHIBUSDT on Tradingview.com
Featured image from CoinGape, chart from Tradingview.com
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