An analyst has highlighted the bullish possibilities for Shiba Inu, suggesting that it is ready to move to higher prices after a period of price accumulation.
The pseudonymous market commentator, who calls himself “Trades” on TradingView, emphasized that Shiba Inu looks suitable for a swing long position as it is gearing up for an upthrust. He shared this recently, highlighting that the meme coin’s days of consolidating are nearing their end.
Shiba Ready to Move
Notably, Shiba Inu has been making lower highs since its December peak price of $0.00003343, signaling a clear downtrend pattern. Highs of $0.00002497 in January, $0.00001765 in May, $0.00001597 in July, and $0.00001484 in September support this narrative.
While Shiba Inu has failed to break previous highs, it often finds support around the crucial $0.000010 level. The meme coin has sustainably held the demand zone, as it provides sufficient pressure to cushion weak price actions.
Although it dropped below the support to a low of $0.0000067 amid the broader market crash on October 10, its price has since recovered to the current level. From the bottom, it has rebounded by an impressive 60% to reclaim the key $0.000010 support.
Notably, this prolonged price accumulation around the support has fueled optimism that a breakout would be loud. Several analyses have predicted this, with the recent TradingView commentary echoing this sentiment.
The market watcher stated that Shiba Inu seems to have “finished its job at the bottom.” He projected an imminent breakout potentially targeting multi-month highs, noting that current levels are a good point to take a bullish stance.
Analyst Shares Shiba Inu Target
For the target, the commentary set a swing rally to $0.00004566. Remarkably, Shiba Inu last visited the price level in March 2024, when it peaked at $0.00004567.
Notably, SHIB trades at $0.00001072 at the time of writing. As a result, a rally to the target would represent over 4x, or 326%, growth.
Meanwhile, other analysts expect a similar bullish outcome for Shiba Inu. Analyst MMB Trader predicted the token would surge to $0.00003364, then to $0.0000771, marking a 619% increase from the current market price.