The chief analyst anticipates a twofold increase in profits from Shiba Inu and predicts a skyrocketing rise to $0.000043

Shiba Inu is swiftly bouncing back following a strong bearish momentum that impacted the cryptocurrency yesterday. After the price of SHIB dipped to $0.00001642, it has since recovered and is currently trading at $0.00001784, marking an 8.64% rebound.

This recovery has sparked excitement within the Shiba Inu community. Bulls are now hopeful that the ongoing rebound will resume the bullish trend from the previous week, which had brought SHIB close to the $0.00002 price mark.

In a recent update, an analyst known as "World Of Charts" shared a positive forecast for Shiba Inu, predicting the potential for the price to double.

The analysis indicated a significant reversal for the asset, pointing out that Shiba Inu recently broke above a crucial resistance line, briefly tested it, and is now poised for another breakout.

Shiba Inu has witnessed a new breakout to $0.000043.

According to World Of Charts, Shiba Inu has already gained approximately 50% profits since the initial breakout from its prolonged downtrend. This breakout occurred at the end of September when SHIB surged from $0.000014 to $0.00002156 within just three days.

The analyst noted that Shiba Inu is currently approaching the formation of a descending expanding wedge and anticipates potential price growth (a 200% jump) if the breakout is successful.

The breakout for Shiba Inu at the end of September lost momentum after SHIB reached $0.00002156, subsequently falling to $0.00001553. However, the analyst believes that this time, Shiba Inu will surpass the $0.000021 resistance, potentially rising to the $0.000043 range before losing momentum again.

Others remain on the fence

Shiba Inu hit the $0.000043 mark in March before plummeting by about 70% a few months later. Nevertheless, popular sentiment within the Shiba Inu community suggests that this time the coin may not lose steam at $0.000043. Instead, many believe it could surpass its previous all-time highs and reach new price levels.

In a recent analysis, analyst Javon Marks emphasized that Shiba Inu is still trending toward the $0.00008 threshold. He noted that the daily chart continues to display a strong bullish pattern supported by the RSI.

Marks stated that the overall target for Shiba Inu remains at $0.000081, and that the upward trend towards this level will happen sooner than many expect.