In a recent post on X, crypto analyst Davie Satoshi says Shiba Inu (SHIB) is an “overlooked gold mine” with promising short-term and long-term potential. This viewpoint contradicts his previous stance, where he admitted to overlooking SHIB’s price charts.
Exploring Shiba Inu Chart
Recent chart patterns on SHIB show the memecoin is consolidating following its price increase, hinting at a potential return to its bullish momentum. Davie’s renewed optimism stems from a bullish pennant seen on the Shiba Inu chart. This pattern often indicates a continuation of an uptrend after a period of consolidation. Consequently, the analyst believes SHIB is on track to break out of this consolidation phase and resume its upward movement.
The analysis highlights SHIB’s price drop since March, followed by a period of price stabilization that forms the pennant. According to Davie, this suggests a potential price surge when the market sentiment turns bullish again.
However, Davie feels his current SHIB holdings are insufficient and predicts a short-term surge surpassing $0.00005. This represents a potential 102% gain from the current price of $0.00002486. Notably, this forecast finds support in comments from user Bunny Boy, who envisions a more dramatic 600% rally by June 10.
Meanwhile, Davie isn’t alone in his optimism. Market analyst Eunice Wong also identified the bullish pennant and projected a 409% increase, pushing Shiba Inu to $0.000125. Other analysts predict SHIB could reach $0.00005, per reports from Crypto Vanguard.
Is SHIB a Potential Goldmine?
While the predictions are enticing, it is crucial to remember that the crypto market is inherently volatile. Therefore, past performance is not always indicative of future results. However, in the past, Shiba Inu has made investors rich, thus, it can be deduced that it can repeat a similar move in the future.
Meanwhile, Shibburn’s current statistics show a burn rate of 127.57%, with 29,484,000 SHIB delivered to inactive wallets in a single day. This action could lead to a potential bullish surge for the token.
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