Price forecast by a well-known analyst who noticed the possibility that "Shiba Inu (SHIB) is a hidden vein of gold."

Shiba Inu (SHIB) has caught the eye of investors globally with its promising project developments and compelling technical analysis. Renowned analyst Davie Satoshi highlights a significant chart pattern that suggests SHIB could be a hidden goldmine.

With previous resistance levels turning into support and the SHIB ecosystem steadily growing, the potential for SHIB's price to soar is higher than ever. Dive into the details and stay updated with the latest news on SHIB's journey to new heights.

Explains that "it is forming a beautiful upward pennant"

Shiba Inu（SHIB) has attracted global attention for its various project developments, and now it seems to be attracting investors from a technical analysis perspective as well.

davie satoshi (@NFTdavie), who has over 12,000 followers on X, was one of those who saw potential in the SHIB price chart, commenting on SHIB in a May 17, 2024 X post that he "realized there was a hidden vein of gold.

He said that he thought SHIB was a "derivative of DogeCoin (DOGE)" and had not paid any attention to SHIB until just recently, but on the 16th, he said, "The chart of SHIB looks quite attractive in the short term, so I decided to adjust my main account a bit and get on SHIB I've decided to adjust my main account a little and get on board with SHIB".

Specifically, he reported that "a beautiful upward pennant has formed on the daily chart of SHIB" and "it has broken above the resistance line that had been formed since March this year," and explained that he realized "that SHIB is a hidden vein of gold" by seeing such a chart.

*An upward pennant: One of the chart patterns that appear in an uptrend. The range between the high and low gradually narrows to form a triangle.

Past resistance lines became new support lines.

davie satoshi also shared further observations about the SHIB price chart in a subsequent post.

He notes that the current SHIB has switched from a resistance line of a few months ago to a support line, and that if the SHIB rebounds at this new support line, the price is likely to rise further.

Many are predicting an increase in the price of Sibaine (SHIB), and several analysts have predicted a "300%+ SHIB price increase" in the past.

New project deployment in the SHIB ecosystem is well underway, and technology adoption of Shibarium, a layer 2 with SHIB burn (amortized disposal) capabilities, is steadily growing, so expectations for SHIB price increases are high on that front as well.

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