Unending excitement has swept through the meme coin market as Shiba Inu surged 33% today. Indeed, the token has surpassed a market cap milestone of $15 billion.
But this immense success has extended across the market, with newer projects like Smog also achieving success. Currently, the token has risen 80% this week and recently reached a market cap of $80 million.
The price of Shiba Inu has risen alongside the larger meme coin market. Currently, the meme coin is trading at $0.0000268, the highest level since March 2022.
SHIB reaches a two-year high as analysts predict macro profits
SHIB is up 33% today, 177% this week, and 196% this month. Its astonishing success has outperformed market leader Dogecoin, which is up 111% this month.
As the Shiba Inu price chart below shows, the recent price surge followed the coin’s first-ever finding of support on the daily timeframe at the 200 EMA.
This illustrates a significant change in momentum. It could signal the end of Shiba Inu’s downward price market, thus initiating the next price surge.
This move has caused extreme excitement within the Shiba Inu community and analysts. In a recent tweet, the famous SHIB Bezos account speculated that Shiba Inu could surpass its ATH.
He wrote, “SHIB price is still EXCELLENT HERE and based on previous breakout patterns very similar to this one, it could potentially surge 810% to new all-time highs.”
SHIB Bezos displays a price chart illustrating the breakout of a descending triangle on the weekly timeframe. This chart pattern is often followed by a price surge, a notable bullish factor based on the higher timeframe of the chart.
Meanwhile, analyst Alan Santana of TradingView also predicts Shiba Inu’s long-term upward trend. Santana argues that the breakout of the symmetrical triangle will lead to new ATHs in the coming months.
“Shiba Inu’s large price surge this week has brought the highest weekly trading volume since late 2021, the previous price surge phase.”
He continues, “Looking at this type of action, the first time such high volume occurred in a long time, indicates the start of a new market cycle. The super high trading volume is also supported by a very strong RSI indicator. The chart looks very promising.”
The analyst expects SHIB’s price surge to push it to $0.000056. Furthermore, they expect a long-term price target of $0.00014, a 418% increase from the current price.
While this brings solid gains for SHIB, it has the potential for significantly lower price increases compared to previous cycles. This is mainly due to its staggering market cap of $16 billion.
