Shiba Inu (SHIB), one of the most prominent meme coins, is capturing attention in the cryptocurrency market as analysts spot bullish signals that hint at potential major gains. Renowned crypto analyst Alan Santana, in his TradingView analysis, has highlighted significant trends that could indicate a breakout for SHIB.

Technical Analysis Points to Uptrend

Santana’s technical analysis reveals that Shiba Inu has been following an oval trend on its daily chart, characterized by consistently higher highs. Over the past month, SHIB’s price has held steady around the $0.000024 level, signaling an accumulation phase that could precede a significant upward movement.

Currently trading at approximately $0.00002755, Shiba Inu has undergone an 11.20% correction in the last week. However, Santana anticipates that the next key target for SHIB could be $0.0000702—representing an astonishing potential surge of 189.60%.

Ecosystem Growth Fuels Long-Term Optimism

Beyond its price action, the long-term potential of Shiba Inu hinges on the continued development of its ecosystem. Shytoshi Kusama, a key community member, has emphasized that the project’s success lies in the strength of its ecosystem and strategic partnerships, rather than solely relying on token burns.

A cornerstone of this strategy is Shibarium, Shiba Inu’s blockchain layer-2 network, which has become an essential tool for reducing supply through gas fees. Since its launch, Shibarium has facilitated the burn of nearly 56 billion SHIB tokens, effectively tightening supply. Additionally, its dedicated burn portal has permanently removed over 600 million SHIB tokens from circulation.

What Lies Ahead for SHIB?

Shiba Inu’s distinctive behavior compared to other altcoins and meme coins positions it for a potentially explosive move. If Santana’s predictions materialize, the meme coin could achieve remarkable gains, solidifying its position as a leader in the crypto space.

With a growing ecosystem, sustained community support, and technical signals pointing to a bullish trend, Shiba Inu’s trajectory remains one to watch closely in the coming weeks.

Also Read: Shiba Inu Price at Crossroads, Will SHIB Soar 163% or Drop 62%?

Investors should, however, approach with caution, as the volatile nature of cryptocurrencies demands careful risk management despite promising indicators.

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.