An expert now suggests Shiba Inu is currently in an accumulation phase, aiming for a breakout to reach $0.000037.
A prominent market analyst and Shiba Inu enthusiast has forecasted a potential price breakout for the cryptocurrency as it enters a phase of accumulation at elevated levels.
In a detailed analysis published on November 29, the analyst known as SHIB Knight emphasized that Shiba Inu has been consolidating for a significant period.
This accumulation phase has resulted in the token lagging behind other top-performing assets in the market.
To provide context, Shiba Inu’s market capitalization ranking has slipped three spots, primarily due to the impressive gains seen in cryptocurrencies like Avalanche (AVAX), Toncoin (TON), and Stellar (XLM).
These assets have surged, causing Shiba Inu to drop from its previous position at 11th in the market rankings.
However, SHIB Knight maintains that this period of accumulation is beneficial.
He suggests that such high-level consolidation often precedes a substantial price breakout, setting the stage for significant upward movement.
Analyst’s Price Prediction
SHIB Knight has projected that after breaking out of its accumulation zone, Shiba Inu could experience an increase of approximately 42.6%, targeting a price of $0.000037.
This bullish outlook indicates confidence in the meme coin’s potential for growth.
In addition, another analyst, known as Nebraskangooner, is also closely watching for a breakout.
He noted a potential breach of a symmetrical triangle pattern in Shiba Inu’s price action.
In a tweet, he shared a daily SHIB/USDT chart, highlighting that the token is on the cusp of a breakout that could lead to higher price levels.
Technical Indicators
Shiba Inu recently closed above the symmetrical triangle pattern, suggesting an imminent price increase.
While the analyst did not specify a target following the breakout, the technical indicators present a promising outlook.
According to a TradingView analysis, Shiba Inu’s relative strength index (RSI) is currently at 61.61, indicating that there is still room for growth before reaching the overbought territory above 70.
Additionally, the MACD indicator is signaling a potential bullish crossover, with the MACD line at 0.00000133 and the signal line at 0.00000147, further supporting the expectation of price appreciation.
As of now, Shiba Inu is trading at $0.00002688, with a market capitalization of approximately $15.43 billion, reflecting its standing as the second-largest meme coin by market cap.
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Also Read: An Outstanding 5.72 Trillion SHIB Has Been Traded In 24 Hours
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