Despite the notable decline of Bitcoin (BTC) below $58,000, Shiba Inu (SHIB) has continued to perform well. SHIB is up 4.5% on the daily chart, 0.9% on the 14-day chart, and over 122% since May 2023. However, the asset is down 12.5% on the weekly chart and 19.4% on the monthly chart.
The latest market dip can be attributed to the United States authorities sentencing Binance CEO Changpeng Zhao (CZ) to four months in prison. CZ pleaded guilty to money laundering last year.
However, according to prominent crypto analyst Ali Charts, SHIB could be gearing up for another leg up.
Shiba Inu (SHIB) to Hit $0.000072?
According to a recent tweet by Ali Charts, SHIB is forming a bullish pennant on the daily chart. The analyst said that a bullish breakout could send SHIB to $0.000072323. Ali Chart also informed his followers that he would be placing a buy order around $0.000018343.
Hitting $0.000072323 from the current level would represent an increase of approximately 227%.
CoinCodex also painted a bullish picture for Shiba Inu (SHIB). The platform predicted that SHIB could hit $0.00007450 by May 30, 2024. Hitting $0.00007450 from the current level would represent an increase of approximately 237%.
The positive sentiment surrounding Shiba Inu (SHIB) could be due to expectations of a market recovery. Many analysts predict that BTC will soon reclaim its all-time high since the asset recently underwent its halving cycle. Historically, the crypto market has rallied after every BTC halving event.
