Top market analyst Crypto Bullet has urged exposure to Shiba Inu at its current level before it starts pumping like Dogecoin is doing.
The self-proclaimed crypto veteran claims that Shiba Inu does not look bad at its current level, suggesting it is a good entry point. This is contrary to meme leader Dogecoin, which he highlighted is already pumping.
Shiba Inu Screaming Buy at Current Levels
For context, Shiba Inu has been in an obvious consolidation, returning to its current base around the $0.000010 after each uptick. This pattern has continued after a retracement from its all-time high of $0.00008854 in 2021.
An analysis suggests that such accumulation may be a precursor to an uptick to unprecedented prices. However, the price of SHIB remains in its consolidatory phase, presenting a good opportunity to buy.
This contrasts Dogecoin, which is already rallying. Specifically, DOGE is on the rise, rebounding from its lows of around $0.1430 in June to the current price of $0.2580. The rally represents an 80.4% growth from the low, compared to the 24% increase from Shiba Inu’s low of $0.00001004 in June.
Also, in the short term, Shiba Inu continues to fall short of Dogecoin’s bullish trajectory. SHIB is up 7% over the past seven days, but DOGE has doubled that run with its 14% rally. The momentum difference becomes even more evident in the 30-day timeframe, as Dogecoin has increased by 19.6%, while Shiba Inu has posted a mere 1.21% rise.
As such, the analyst insinuated it is still early to buy Shiba Inu. With a better reward ratio, SHIB could benefit holders in the event of a breakout.
Shiba Inu Targets Upon Breakout
Interestingly, earlier Shiba Inu price predictions have shown the target price if the token breaks out of its current price consolidation. CryptoNuclear shared in his commentary that the meme coin could surge by 606% to $0.00008836.
MMBTrader also predicted that Shiba Inu could pump to $0.0000773 from the current support level. He shared that holding onto its current level or dropping to the support at $0.000006 is part of a potential bullish move before the 518% surge.
Several other analyses suggest a significant break from current Shiba Inu levels. YourPOP asserted a run to a new all-time high before the end of this year, expressing firm conviction that the move would be a reality.
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