Shiba

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Shiba Inu

Shiba Inu has rebounded by over 19% from its $0.00002081 price point at the beginning of the month. Current price action shows the cryptocurrency might be on its way to performing an interesting price surge in the coming weeks.&nbsp;According to one crypto analyst, SHIB could actually go on a 120% price surge after breaking out of the current consolidation. 
<h2 id="crypto-analyst-says-massive-surge-coming">Crypto Analyst Says Massive Surge Coming</h2> 
SHIB kickstarted a price correction immediately after reaching 0.00003556 in early March. Bullish investor sentiment surrounding the meme cryptocurrency at the time quickly changed into a bearish one. This pushed SHIB on a decline that bottomed out at $0.00002117 in the middle of April, indicating a 40% price correction in those two months. Interestingly, this was the worst SHIB price decline since the May 2022 collapse of the Terra ecosystem. 
Related Reading: <a href="https://www.newsbtc.com/news/solana/why-did-the-solana-sol-price-jump-today/">Why Did The Solana (SOL) Price Jump Today?</a> 
As noted on the 8-hour timeframe chart shared on social media platform X by crypto analyst World Of Charts,&nbsp; SHIB has been on a consolidation channel for the past two months. However, the analyst foresees a bullish breakout to create a strong bullish wave that’s going to send SHIB holders on a profit margin between 100% and 120%. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/search?q=%24Shib&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$Shib</a> 
 Consolidating In Bullish Flag In H8 Timeframe Incase Of Successful Breakout Expecting Solid Bullish Wave Expecting 100-120% Bullish Wave<a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Shib?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Shib</a> <a href="https://t.co/vfLClaexvu" rel="nofollow">pic.twitter.com/vfLClaexvu</a> 
 — World Of Charts (@WorldOfCharts1) <a href="https://twitter.com/WorldOfCharts1/status/1786413697549627854?ref_src=twsrc%5Etfw" rel="nofollow">May 3, 2024</a>
</blockquote> 
Interestingly, a further look into the chart shared by World Of Charts shows that the analyst is open to a higher price surge over a longer period of time. The last price target indicated on the chart is $0.00009500, which is a 280% target from the current price levels.&nbsp; 
<h2 id="can-shiba-inu-push-higher">Can Shiba Inu Push Higher?</h2> 
Shiba Inu recently formed a higher low on the weekly timeframe, an indicator that the <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-surprise-binance-japan-listing-ignites-360-price-spike/">bulls might be starting to gain</a> the upper hand. Despite the past decline, over 56% of SHIB holders <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-stands-strong-over-650k-wallet-addresses-still-profitable-amid-recent-price-drop/">remained in profit</a> as many long-term holders opted to hold on to their tokens. At the time of writing, SHIB is trading at $0.00002489 and is up by 6.4% in the past seven days. This price increase has seen the number of SHIB holders in profit rising concurrently to 61%. 
Related Reading: <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-relative-strength-40/">Bitcoin Relative Strength Jumps To 40%: 10x Research Reveals Next Steps From Here</a> 
Many addresses that just moved into profit margin are not taking profit indicating that majority of investors <a href="https://www.newsbtc.com/shiba-inu/massive-shib-movement-ignites-market-speculation-is-a-big-surge-on-the-horizon/">are anticipating a price increase</a> in May. One catalyst that could lead to a further price increase is the <a href="https://bitcoinist.com/shiba-inu-scores-another-major-listing-that-could-send-price-flying/" rel="nofollow">recent partnership</a> between PayPal and MoonPay which will allow PayPal users within the United States to buy the dog-themed cryptocurrency easily. 
Popular crypto analyst Ali Martinez <a href="https://www.newsbtc.com/shiba-inu/crypto-analyst-242-shiba-inu-rally-bull/">also predicted a SHIB price surge</a> based on a bull flag that has recently appeared on the token’s price chart. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/oYjmFh6r/" alt="Shiba Inu price chart from Tradingview.com" width="3286" height="1576">

Shiba Inu Price Prediction: Crypto Analyst Says Massive Surge Is Coming, Here’s The Target

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