Shiba Inu (SHIB), the popular meme coin, has been undergoing a period of consolidation, characterized by low volatility and reduced trading volume. However, analysts believe this phase may be a precursor to a significant price surge, potentially exceeding 330%.
The current trend in SHIB is reminiscent of a similar accumulation phase observed in late 2023 and early 2024. During this period, SHIB’s price experienced a massive breakout, surging over 330% in less than two weeks.
Wyckoff Analysis Confirms Accumulation
TradingView analyst CryptoCheck applied the Wyckoff Method to SHIB’s price chart, identifying two distinct accumulation phases. In both cases, large investors strategically suppressed the price to accumulate SHIB without attracting significant attention.
Potential Breakout and Profit Targets
Analyst MBM Crypto has identified key resistance and support zones for SHIB. A descending trendline has acted as a ceiling for price movements since April 2024. However, breaking above this trendline could signal a shift in market sentiment from bearish to bullish.
MBM Crypto recommends a long position once SHIB’s price breaks above the resistance zone of $0.00001875. He has set three price targets for taking profits: $0.00002, $0.0000225, and $0.000025.
Imminent Breakout and Price Targets
CryptoCheck believes that a Shiba Inu breakout is imminent, targeting a price of $0.00005. This represents a substantial increase from SHIB’s current price.
While SHIB has been consolidating in recent times, analysts believe it is poised for a significant price surge. The accumulation phase, combined with historical precedent and technical analysis, suggests that a breakout may be imminent. Traders should closely monitor the resistance zones and be prepared to capitalize on the potential upside.
Also Read: Shiba Inu DAO Launch – A Game-Changer For SHIB Holders
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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