Analyst predicts a major breakout for Shiba Inu, with a potential 60% price increase if the cryptocurrency can break through the $0.000025 resistance level.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
The world’s second-largest meme coin Shiba Inu SHIB $0.000012 24h volatility: 4.5% Market cap: $7.29 B Vol. 24h: $218.38 M is eyeing a massive breakout following its recent price activity as analysts predict 60% gains from here. Amid the broader market selloff, SHIB price is down 1.10% at press time, but on-chain metric and technical chart suggests a turnaround ahead.
Crypto analyst Ali Martinez has highlighted a potential bullish pattern for Shiba Inu, noting that the cryptocurrency has formed a bull flag. If SHIB can break through the key resistance level at $0.000025, Martinez suggests that the token could move toward a target of $0.000037. Thus, SHIB investors are eyeing a 60% gain straight-up from here which could be coming within a week’s time.
Courtesy: Ali Charts
Martinez also reported a massive 1.67 trillion SHIB has been withdrawn from exchanges in the past 24 hours. This shows confidence among long-term investors to keep their Shiba Inu holdings intact. The last time a similar spike occurred, Shiba Inu saw a 62% surge in price, leading to speculation that the current trend could signal a potential price rally, noted Martinez.
Courtesy: Ali Charts
While Shiba (SHIB) price shows 36% gains on the monthly chart, it pales in comparison to over 100% gains of its peers like Dogecoin DOGE $0.17 24h volatility: 1.2% Market cap: $25.59 B Vol. 24h: $1.16 B . Pepe Coin PEPE $0.000007 24h volatility: 2.8% Market cap: $3.14 B Vol. 24h: $856.82 M , and Bonk Inu BONK $0.000012 24h volatility: 3.7% Market cap: $961.75 M Vol. 24h: $194.58 M . Although SHIB defends its position as the world’s second-largest stablecoin, its gap has widened with Dogecoin.
Shiba Inu is currently trading at $0.00002545, marking a 15% decline from its peak on November 12th. However, analysts such as $SHIB KNIGHT and $SHIB MORTAL suggest that the cryptocurrency’s charts are looking strong and promising for a breakout.
Notably, SHIB recently achieved a Golden Cross on its daily chart, with the 50-day Simple Moving Average (SMA) crossing above the 200-day SMA. This is a bullish indicator, especially given that the last cross was a death cross in July, which preceded a substantial price decline.
Courtesy: TradingView
Analysts are optimistic that if Shiba Inu can hold the support level at $0.0000023, it could continue its upward momentum. Ibrahim Ajibade, an analyst, stated that a breakout above the upper Donchian Channel at $0.00003045 could lead to a more bullish scenario for SHIB.
It seems that Shiba Inu is all ready to catch up with Dogecoin’s gains amid strong on-chain and technical indicators.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
