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 $0.000014 24h volatility: 3.3% Market cap: $8.31 B Vol. 24h: $265.79 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Martinez also reported a massive 1.67 trillion SHIB has been withdrawn from exchanges in the past 24 hours.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 $0.18 24h volatility: 0.8% Market cap: $27.19 B Vol. 24h: $1.88 B . Pepe Coin PEPE $0.000009 24h volatility: 4.9% Market cap: $3.86 B Vol. 24h: $910.00 M , and Bonk Inu BONK $0.000020 24h volatility: 27.7% Market cap: $1.52 B Vol. 24h: $416.78 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.
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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.
