Shiba Inu has slipped back into an accumulation phase, with analysts such as Myles G Investments expecting an eventual push beyond $0.000054.
The broader crypto market run has cooled, with some assets trading flat while others have recorded mild losses. However, market watchers remain confident that this could be the calm before the imminent explosion that would increase prices.
The recent consolidation phase has also impacted Shiba Inu, which has failed to register any more impressive surges since collapsing from the $0.00004567 multi-year high on March 5.
Recall that SHIB skyrocketed from $0.00000954 on Feb. 23 to a 27-month high of $0.000045 on March 5, a 371% increase in just 11 days. Nonetheless, since slumping from the $0.000045 high, Shiba Inu has been trading within a range.
Shiba Inu in Accumulation
SHIB also failed to leverage Bitcoin’s (BTC) March 11 upsurge, with which the leading crypto breached $72,000. Data suggests Shiba Inu’s range-bound movements could be a precursor of a much more substantial price run.
Crypto analyst and YouTuber Myles G Investments highlighted this in a recent post. The seasoned trader leveraged a 4-hour chart to show that Shiba Inu had slipped back into accumulation territory.
This phase typically comes up following a sharp decline in prices and features large buys from whale investors. IntoTheBlock data confirms this trend, indicating that large holders have continued to augment their balances, with inflows skyrocketing by 5,102% over the past 30 days.
In addition, addresses with at least $100 worth of Shiba Inu have increased in the last 30 days, with those holding more than $10 million spiking by 338%. This trend could suggest steady accumulation or it could reflect the positive increase in balances due to the recent uptrend.
A Possible Surge Beyond $0.000054
Notably, an asset in accumulation exhibits range-bound movements before eventually surging. Myles G Investments expects this eventual price surge to lead to new highs, projecting another run above $0.00004 before a mild drop. After this drop, he believes SHIB could push above the $0.000054 zone.
Data from the daily chart shows that Shiba Inu witnessed similar price movements during the 2021 bull run. SHiba Inu first surged 406% from $0.00000697 in September 2021 to a high of $0.00003528 in October 2021. Following this rally, SHIB dropped from the $0.000035 high.
SHIB then consolidated within the accumulation phase for a few weeks before experiencing a massive surge in late October 2021. This surge led to the $0.00008845 high on Oct. 28, 2021. SHIB currently trades for $0.00003302, looking poised to repeat this push.
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