The popular meme coin, Shiba Inu (SHIB) has been experiencing a period of consolidation, characterized by low volatility and reduced trading volume. Analysts believe this phase may be a precursor to a significant price surge, potentially exceeding 330%.
The current trend is reminiscent of a similar accumulation phase observed in late 2023 and early 2024, which preceded a massive breakout in late February to early March. During this period, SHIB’s price increased by over 330% in less than two weeks.
Wyckoff Method Highlights Intentional Price Suppression
TradingView analyst CryptoCheck applied the Wyckoff Method’s Accumulation Phase to SHIB’s price chart, highlighting the intentional suppression of price by large investors. This allows them to accumulate positions without significantly moving the price.
The analysis identified two distinct accumulation periods, with the first occurring between late 2023 and early 2024, followed by a massive Shiba Inu breakout. The current accumulation phase is similar, with large investors quietly accumulating SHIB.
Breakout Strategy and Profit-Taking Targets
Analyst MBM Crypto identified key resistance and support zones for Shiba Inu. A descending trendline has suppressed SHIB’s price since April 2024, consistently acting as a ceiling for price movements. However, breaking above this trendline could shift market sentiment from bearish to bullish.
MBM Crypto shared a potential breakout strategy for SHIB traders, suggesting entering long positions once SHIB’s price breaks above the resistance zone of $0.00001875. His analysis sets three price targets for taking profits after the breakout: $0.00002, $0.0000225, and $0.000025.
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Imminent Breakout and Price Targets
CryptoCheck believes that Shiba Inu breakout is imminent, setting his target at the $0.00005 range, representing a substantial increase from SHIB’s current price. MBM Crypto’s analysis sets three price targets for taking profits after the breakout, corresponding to key resistance points where traders may face selling pressure.
As SHIB’s price approaches these levels, traders should be prepared to take profits or adjust their strategies accordingly. With the potential for a significant price surge, SHIB traders should closely monitor the resistance zones and be prepared to act.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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