Shiba Inu’s price trajectory has been marked by volatility, leaving many wondering when a full-fledged bull run is coming. A recent analysis by crypto advisor Coach K Crypto (@Coachkcrypto) sheds light on this topic, drawing parallels between SHIB’s current performance and its historical price movements.
Coach K, a prominent crypto trader, suggests that SHIB might be on the cusp of a significant upswing. His analysis hinges on the cryptocurrency’s price behavior following its launch in July 2020. After initial fluctuations, SHIB experienced a surge in early May 2021, surpassing $0.000035.
Read Also: Financial Educator’s Blueprint for XRP Investors to Attain Millionaire Status
However, this uptrend was short-lived, with a substantial correction leading to an 80% price drop by the end of the same month. SHIB then entered a prolonged consolidation phase, struggling to break through resistance levels.
This bearish sentiment prevailed until September 2021, coinciding with the broader cryptocurrency market’s second bull run phase. This market-wide bullish momentum helped SHIB finally break free from its consolidation pattern. The subsequent price surge propelled SHIB to its all-time high of $0.00008845 in October 2021.
Coach K observes a potential mirroring of this historical pattern in the current market cycle. SHIB’s current price behavior aligns with the consolidation phase observed in late 2020. This observation leads Coach K to posit that a similar breakout and subsequent price surge could be on the horizon, potentially marking the beginning of a real bull run for SHIB.
While Coach K refrains from making specific price predictions, other market commentators have offered more concrete targets. For instance, media personality Eljaboom anticipates a potential price increase for SHIB, reaching as high as $0.00024.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Despite Current Dip, Analyst Says $9.5 Region Is Cardano (ADA) Destination, States Timeline
A Potential Decline
Despite Coach K’s bullish sentiment, another prominent crypto analyst, The Don of Apes (@TheDonOfApes), has predicted that the meme coin will drop in the coming weeks. SHIB has consolidated around $0.00002 for a prolonged period and is currently trading at $0.00002122. The Don of Apes believes the meme coin will fall to $0.00001822 but sees this as a significant buying opportunity for investors.
Several factors could influence the arrival of a sustained bull run for SHIB. Increased utility and adoption within the Shiba Inu ecosystem could bolster investor confidence and drive demand. Coach K’s analysis offers an intriguing perspective on SHIB’s potential future trajectory. The community is excited about this potential surge and will be eagerly watching the meme coin’s price.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
