Analyst now believes Shiba Inu is poised for another surge due to potential market trends and increased interests.
Some key factors include recent price movements and growing community engagement.
In a recent YouTube video, crypto analyst Austin Hilton expressed a bullish outlook on Shiba Inu (SHIB), forecasting a potential breakout for the token.
His analysis draws on the current performance of meme coins and the overall positive sentiment permeating the cryptocurrency market.
Hilton noted that Shiba Inu has experienced remarkable growth, surging significantly over the past week.
He underscored the importance of this upward trend, confidently stating, “You mark my words, I think that Shiba Inu is getting ready to run again.”
At the time of his commentary, SHIB had risen 3% for the day, but its broader trajectory suggested a period of consolidation.
Hilton explained that such a technical pattern often signals an impending rally.
Market Context: The Resurgence of Meme Coins
The cryptocurrency market as a whole has been revitalizing, with total market capitalization soaring to $3.05 trillion.
Bitcoin and Ethereum have been leading this resurgence, with Bitcoin hitting $93,000 and Ethereum rising 23% in the past week.
However, meme coins are also attracting significant attention.
Hilton highlighted that the market cap of meme coins skyrocketed from $55 billion to $116 billion within just nine days, reflecting a strong influx of $55 billion in investor interest.
He pointed to impressive gains from Dogecoin, which surged by 109%, and Pepe, which climbed 111%, largely driven by high-profile listings on platforms like Coinbase and Robinhood.
Shiba Inu’s Consolidation: A Prelude to Movement
According to Hilton, Shiba Inu’s price chart indicates a consolidation phase that has lasted about a month.
He compared this sideways movement to a coiled spring, suggesting that it builds pressure for a potential breakout.
Citing historical patterns, he noted that such consolidation often precedes upward momentum.
On November 10, SHIB entered a brief consolidation phase, trading within a defined channel.
Hilton identified key support and resistance lines, observing that while the token occasionally broke through resistance, it remained largely stable.
He remarked that this behavior is typical of a market gearing up for significant movement, asserting, “Eventually, it breaks out.”
Technical Indicators Reinforce a Bullish Stance
Hilton also showcased his trading indicator software, which recently generated buy and sell alerts during a 60% upward movement in SHIB’s price.
While these alerts pertain to short-term trading, they align with Hilton’s broader expectation that SHIB is on the verge of another rally.
Overall, Austin Hilton’s analysis emphasizes Shiba Inu’s growth potential, bolstered by technical patterns, market dynamics, and a renewed interest in meme coins.
As consolidation phases frequently precede price surges, investors are keenly observing SHIB’s next moves.
With the crypto market thriving and meme coins regaining popularity, Hilton’s prediction of a bullish breakout for Shiba Inu carries significant weight.
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Also Read: An Outstanding 5.72 Trillion SHIB Has Been Traded In 24 Hours
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