Amidst the bullish momentum in the crypto market, analyst Crypto Sheriff has predicted that Shiba Inu will hit three price targets, including one requiring a 5,382% surge.
Bullish momentum has prevailed in the crypto market over the past week. For context, Bitcoin has spiked 10.75% in the last seven days, outperforming most assets in the crypto ranking submit.
With its dominance exceeding 58%, Bitcoin’s flourishing price has rebounded on altcoins, including Shiba Inu. For instance, SHIB has surged 7.19% in the past week, trading at $0.00001824.
Meanwhile, notable market analyst Crypto Sheriff has asserted that the bullish momentum in the crypto market will propel Shiba Inu to three price targets. His Wednesday tweet came after an earlier analysis of a price breakout in the SHIB 4-hour timeframe.
Crypto Sheriff Predicts Three Targets Amid Price Breakout
On Oct. 15, the market speculator drew the attention of his audience to an uptrend in SHIB after a notable breakout. For context, Crypto Sheriff earlier stated that a bullish wave was coming for Shiba Inu after it broke out from a descending triangle formed since the Sept. 27 high of $0.00002169.
Speculatively, Crypto Sheriff has now stated the price targets he expects Shiba Inu to clinch following the breakout. In a subsequent Oct. 16 X post, the analyst asserted that the 13th-largest cryptocurrency would surge to $0.00002 and new all-time highs at $0.0002 and $0.001.
Notably, his first target was a retest of the triangle top at $0.00002. Typically, the first course after a breakout is to test the structure’s peak, and Crypto Sheriff expects SHIB to surge 8.8% to the price target.
Furthermore, the market commentator expects SHIB to target $0.0002 next. This second surge would entail a 900% uptick from his first price target and 996% from the current market price.
Crypto Sheriff’s third price prediction is a 400% upsurge from his second target and a staggering 5,382% from the current price. The market analyst speculated that SHIB would hit $0.001.
Notably, Crypto Sheriff’s $0.001 SHIB prediction is not alone, as several other analysts have predicted a similar price upsurge to the price mark. For instance, LuckSide projected that Shiba Inu was locking in for a bullish push to $0.001.
Also, analyst Krao gave the same $0.001 price prediction for SHIB, citing a breakout from a multi-year descending trendline. Notably, he asserted Shiba Inu will hit the price mark in January Q1 2025.
Another report cited multiple analysts making the price call while noting the factors that could make the speculation feasible. The report indicated that a reduction in SHIB’s circulating supply and incessant inflow, probably from a spot ETF, would catalyze the 5,382% SHIB growth.
Shiba Inu Facing Major Resistance
Amidst the ambitious speculations, immediate resistance has hindered Shiba Inu’s next bullish pull. In an analysis, Shib Knight noted that the sell zone at $0.0000187 region holds Shiba Inu’s further price upsurge.
In the Wednesday tweet, the analyst insisted that a sustainable break above the resistance will catalyze an underlying SHIB bullish uptrend. He had earlier noted that Shiba Inu is primed for a price acceleration pending the resistance.
Notably, another analyst confirmed the resistance level, identifying other regions where SHIB could face impediments en route to $0.00002. In a report, Klejdi Cuni stated that the dog-themed meme coin would face further resistance at $0.00001865, $0.00001969, and $0.00002094.
