Can Shiba Inu Price Achieve A 17x Growth To $0.00023 Soon?

Shiba Inu price exhibited significant market fluctuations in recent months by dropping steeply from its December 2024 all-time high.

Market participants keep a close eye to monitor the crypto’s potential rebound toward a new all-time high price record.

Shiba Inu Price Decline From December 2024 Peak

After reaching $0.00003343 in December 2024, SHIB plummeted to its current price.

The cryptocurrency current trading price is at $0.00001258 which shows a 63% decrease from its previous all-time high.

Many cryptocurrencies including Shiba Inu experienced a series of bearish trends that led to this recent price decrease.

However, it maintains its position as a major traded asset in the cryptocurrency market despite its current price drop.

Market-wide trends including cryptocurrency price declines influence the value of the crypto token.

The token faces additional challenges from periodic price dips that followed the Trump rally that originally elevated its market value.

Investors evaluate the crypto’s  market performance to determine upcoming growth prospects.

Formation of the Symmetrical Triangle Over Four Years

Over the past four years, Shiba Inu price action created a symmetrical triangle shape in the market.

The symmetrical triangle emerged following the major price decline from its peak value at $0.000088 which it reached during October 2021.

When the broader cryptocurrency bull market peaked, SHIB reached its highest price point before investors sold their holdings during the market downtrend.

More so, the price has maintained its movements between the upper and lower trendlines that form a symmetrical triangle pattern since this design emerged.

The price made its last attempt at reaching the upper trendline in 2024 when it achieved $0.000033.

SHIB experienced resistance at its peak point which triggered a price correction that dropped the value down to $0.00001082.

Predictions for Potential Surge

Crypto expert, CryptoELITES has developed a positive outlook for Shiba Inu price speculation.

The cryptocurrency stands at a “strong buy zone” based on the expert analysis which predicts an upcoming major price increase.

CryptoELITES forecasts SHIB price will push above its symmetrical triangle to reach $0.00023.

Notably, the price target of $0.00023 requires it to climb more than 17 times above its current value of $0.00001258 to achieve it.

If the token achieves its predicted 17x growth it will erase one leading zero making it reach its highest value ever.

Analysis of Shiba Inu price historical behavior together with its technical price indicators has led to this forecast that seems ambitious.

Shiba Inu Price Chart Source: X

Additionally, Shiba Inu receives support from multiple analysts who expect major price increases of the cryptocurrency.

According to market analyst Alan Santana, the Shiba Inu currency has the potential to rise to $0.0002318 if it surpasses its existing accumulation zone.

The analysts agree on price breakthroughs while acknowledging market volatility together with investor sentiment as forces that make these outcomes uncertain.