A notable enthusiast and market analyst has predicted an imminent Shiba Inu price breakout as the token accumulates to higher levels.
In a analysis on November 29, SHIB Knight insisted that Shiba Inu has been consolidating for some time. This accumulation phase has allowed it to lag behind other major assets in terms of market performance.
For context, Shiba Inu market capitalization the ranking dropped three places, mainly due to remarkable gains in assets like Avalanche (AVAX), Toncoin (TON), and Stellar (XLM). These gains outpaced Shiba Inu’s performance, pushing the meme coin down from its previous 11th position.
However, SHIB Knight argued that the build-up was perfect. He suggested that high-level consolidation in this manner precedes an explosive burst of price discovery.
Analyst speculates 42.6% rise to $0.000037
SHIB Knight predicted that the second largest coin by market capitalization is aiming for an exit from the accumulation zone. His comment suggests that Shiba Inu’s next uptrend after the breakout would be a 42.6% rise towards $0.000037.
Meanwhile, another analyst observes the Shiba Inu’s impending escape. Market commentator Nebraskangooner said he is watching a likely breakout in the Shiba Inu’s symmetrical triangle range.
Commenter shares SHIB/USDT 1D chart on a Friday tweet showing that the major meme coin is about to break through. He expects a breakout in the price channel to prompt the Shiba Inu to increase its prices.
Nonetheless, Shiba Inu closed above the symmetrical price trend on Saturday, suggesting an imminent price rally. Notably, the analyst did not indicate any price target after the breakout.
Shiba Inu Price Analysis
Meanwhile, a TradingView SHIB 1D analysis shows the relative strength index (RSI) standing at 61.61. This indicates that Shiba Inu can still rise significantly before entering the overbought zone above 70.
Notably, the MACD indicator appears to be giving a buy signal. The MACD line at 0.00000133 and the signal line at 0.00000147 are approaching a bullish crossover, supporting the analyst’s expectations for price appreciation.
At the time of writing, Shiba Inu is trading at $0.00002616 with a market cap of $15.43 billion.
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