Shiba Inu’s Quick Bite: Can It Rally 22% in the Short Term?

Shiba Inu remained below its trading levels from a week ago, still recovering from the recent crypto market dip. Presently, SHIB is trading at approximately $0.00001372, marking a 3% gain over the last 24 hours. Compared to its weekly peak of $0.000016, Shiba Inu is down more than 17%. Over the past 60 days, SHIB has seen a notable 45% decrease. Despite these declines, market analysts are hopeful that Shiba Inu’s downward trajectory is nearing its end, with expectations of a potential rebound.

In a recent post on X, Shiba Inu community analyst SHIB Knight argued that the crypto asset shows patterns suggesting a likely short-term 22% increase. He expects Shiba Inu to rally close to the $0.000018 range after bottoming at $0.00001087 on Monday.

$SHIB ? pic.twitter.com/BuH8c3JZed

— $SHIB KNIGHT (@army_shiba) August 7, 2024

The post updates an earlier analysis where SHIB Knight observed a V-shaped recovery in Shiba Inu’s price pattern. He noted that the asset needs to break through immediate resistance levels at $0.00001452 and $0.00001557 to advance in the short term.

While SHIB Knight pointed out short-term targets for Shiba Inu, other market experts believe the asset may have exited its correction phase, with a potential explosive rally to new all-time highs on the horizon.

Armando Pantoja, a member of Benzinga’s crypto advisory board, shared this bullish perspective in an analysis. Pantoja contends that Shiba Inu has entered an ideal buying range, where market participants may see the current low prices as a favorable entry.

As a result, the analyst forecasted a substantial FOMO-driven increase that could be on the horizon to push Shiba Inu to a groundbreaking $0.001. If Pantoja’s forecast proves accurate, it would mean a staggering 7,193% gain for those who invest now.

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