Shiba Inu (SHIB) Breakout Imminent, Analysts Set Price Targets as High as $0.00005

The popular meme coin, Shiba Inu (SHIB) has been experiencing a period of consolidation, characterized by low volatility and reduced trading volume.

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Shiba Inu (SHIB) has been trading within a narrow range for several months, with low volatility and reduced trading volume. This price action is often interpreted by technical analysts as a sign of accumulation, indicating a period of sustained buying pressure that may precede a significant price breakout.

According to analysts, SHIB’s price trend is displaying a pattern that mirrors a previous accumulation phase observed in late 2023 and early 2024. During this period, SHIB experienced a massive breakout in late February to early March, with its price surging by over 330% in less than two weeks.

Applying the Wyckoff Method to SHIB’s price chart, TradingView analyst CryptoCheck highlights the deliberate price suppression by large investors, enabling them to accumulate positions without大幅移動價格顯著地移動價格.

The analysis identifies two distinct accumulation periods, with the first occurring between late 2023 and early 2024, followed by a massive Shiba Inu breakout. Currently, a similar accumulation phase is underway, with large investors quietly accumulating SHIB.

Highlighting key resistance and support zones for Shiba Inu, analyst MBM Crypto identifies a descending trendline that has been limiting SHIB’s price since April 2024. This trendline has consistently acted as a ceiling for price movements. However, breaking above it could shift the market sentiment from bearish to bullish.

In his analysis, MBM Crypto outlines a potential breakout strategy for SHIB traders, suggesting entering long positions once SHIB’s price breaks above the resistance zone of $0.00001875. He identifies three price targets for taking profits after the breakout: $0.00002, $00000225, and $0.000025.

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CryptoCheck believes that a SHIB breakout is imminent, setting his target in the $0.00005 range, which would be a significant increase from SHIB’s current price. Notably, MBM Crypto's analysis provides price targets for taking profits after the breakout, indicating key resistance levels where traders may encounter selling pressure.

As SHIB's price approaches these levels, traders should be prepared to either take profits or adjust their strategies accordingly. With the potential for a substantial price surge, SHIB traders are advised to keep a close eye on the resistance zones and be ready to take action.

Disclaimer: This content is for informational purposes only and should not be construed as financial advice. The views expressed in this article are those of the author and do not necessarily reflect the views of Times Tabloid. Readers are strongly advised to conduct their own research before making any investment decisions. Any actions taken by the reader are strictly at their own risk and Times Tabloid bears no liability for any financial losses incurred.

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