The Shiba Inu consolidatory phase may be frustrating, but analysis suggests it always makes a late and impulsive bullish move to greater heights.
Analyst MMB Trader specifically mentioned this in his recent commentary, urging Shiba Inu enthusiasts to remain patient. He noted that this prolonged period of range-bound price action typically tests the patience of holders but insisted it often precedes an explosive move.
Indeed, Shiba Inu is becoming a risky bet for millions of holders, as its price has stalled for a long time. Despite maintaining its place as the second-largest meme coin by market cap, the token is down 52% year-to-date and 18% over the past 30 days.
However, he noted that the “dead and sleep coin” Shiba Inu will recover late. This suggests that while many have written out the token, it would stun them with a late rebound.
Technical Analysis Suggests Eventual Shiba Inu Breakout
Nonetheless, MMB Trader projected a most probable breakout to the upside. His Wednesday analysis spotlighted a continued trend within a multi-year descending trendline on higher timeframes and how its breakout would signal a trend shift for the token.
For perspective, the trendline started suppressing Shiba Inu’s price from its March 2024 peak price of $0.00004567. Since then, SHIB has trended below this neckline resistance. Recently, price volatility and trading volume have also reduced drastically, as activities around the Shiba Inu ecosystem continue their downward spiral.
Nonetheless, the commentary suggests that this sideways move is often a precursor to a massive directional move. The Shiba Inu prediction highlighted a possible breakout above the resistance trendline around $0.00001740, releasing energy for a rapid upward price action.
He mentioned that a breakout and retest of the trendline would confirm the bullish reversal to the three targets he identified in his analysis.
Three Breakout Targets
Upon a successful retest, the analysis projected further upsides to the first target at $0.00003364. This 235% rally from the current price of $0.00001003 would take Shiba Inu slightly above its December 2024 high of $0.00003343.
The second target for Shiba Inu is a rally to $0.000055480, representing a 453% growth from the current price. Meanwhile, the final target for the breakout is a 670% price increase to $0.00007730.
Interestingly, MMBTrader has long shared this target for Shiba Inu, insisting it would come to fruition. In an earlier analysis, he noted that SHIB would soon start surprising us with 100% weekly candlesticks again, also citing the breakout as a catalyst for this full bullish charge.
Moreover, some market watchers also believe Shiba Inu could go even higher. Analyst Javon Marks predicted an implosive move to $0.000081 for SHIB amid a sustained price breakout.