- Shiba Inu (SHIB) price recently breached a two-month consolidation, indicating a potential 25% upswing.
- Investor accumulation during the consolidation period strengthens the bullish case for SHIB.
Shiba Inu (SHIB), a popular meme coin, is giving investors reason to cheer. After a two-month slumber, SHIB has broken free from a consolidation phase, hinting at a significant price increase shortly. Analysts are predicting a bullish rally of up to 25%, with SHIB setting its sights on the $0.0000315 resistance level.
Technical Indicators Align for a SHIB Breakout
The recent price action presents a compelling bullish case for Shiba Inu (SHIB). The coin decisively surpassed a key declining trend line on May 20th, signaling a shift in momentum. This bullish surge was further bolstered by a daily candlestick close above the crucial $0.0000253 support level.
Supporting this bullish narrative are technical indicators like the Relative Strength Index (RSI) and the Awesome Oscillator (AO). Both indicators have displayed a positive uptick, showcasing a rise in buying pressure and bullish momentum. The RSI flipping the 50 level into support and the AO recovering above zero are strong indications of a potential breakout rally.
Whale Activity Hints at Accumulation
On-chain analysis strengthens the bullish thesis for SHIB. Sentiments The Whale Transaction Count metric, which tracks transactions exceeding $100,000, reveals consistent spikes during the recent consolidation phase. This suggests institutional investor accumulation, which often precedes price surges.
Into The Block Paints a Bullish Picture
Looking at IntoTheBlock’s signals for SHIB reinforces the overall optimistic outlook. Metrics like net network growth and the prevalence of larger transactions paint a positive picture of Shiba Inu’s future.
A Word of Caution
While the technical and on-chain activity paints a rosy picture, investors should remain cautious of sudden market downturns. A sharp decline in overall crypto market sentiment could lead to a price reversal for the coin. If the coin produces a daily candlestick close below $0.0000210, it would invalidate the bullish thesis and potentially trigger a 20% crash to the $0.0000168 support level.
