Shiba Inu (SHIB) has been experiencing a sideways trading pattern in recent weeks, signaling a potential accumulation phase that analysts believe could end with a 330% surge.
This ongoing phase is characterized by low volatility and reduced trading volume as larger investors accumulate positions without significantly moving the price. According to analysts, the current trend could indicate an imminent spike similar to the one observed in February.
Supporting this theory, TradingView analyst CryptoCheck recently applied the Wyckoff Method’s Accumulation Phase to SHIB’s price chart. Notably, this seeks to highlight that large investors are intentionally suppressing SHIB’s price, keeping it within a narrow trading range to allow themselves time to accumulate positions.
The analysis identified two distinct accumulation periods. The first occurred between late 2023 and early 2024, which was followed by a massive Shiba Inu breakout in late February to early March. In particular, the silent accumulation resulted in an over 330% surge in SHIB’s price in less than two weeks.
Shiba Inu Could See Similar 330% Soon
Currently, a similar consolidation phase is underway, with large investors quietly accumulating SHIB. According to the analysis, Shiba Inu may be poised for another significant price increase, potentially mirroring the 330% gain seen in February.
Given that CryptoCheck believes a Shiba Inu breakout is imminent, he has set his target at the $0.00005 range. This would represent a substantial increase from Shiba Inu’s current price of $0.0000143.
Profit-Taking Targets for Shiba Inu Longs
Meanwhile, another analyst, MBM Crypto, identified key resistance and support zones for Shiba Inu. He noted that a descending trendline has suppressed Shiba Inu’s price since April 2024.
This trendline has consistently acted as a ceiling for price movements, pushing the price lower each time it approached. However, he also pointed out that breaking above this trendline could shift market sentiment from bearish to bullish.
Analyst Discuss Potential Breakout Targets
MBM Crypto further shared a potential breakout strategy for SHIB traders. He suggested entering long positions once Shiba Inu’s price breaks above the resistance zone of $0.00001875.
His analysis sets three price targets for taking profits after the breakout: $0.00002, $0.0000225, and $0.000025. These levels correspond to key resistance points where traders may face selling pressure.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
