Although Shiba Inu has remained the second-largest meme coin by market cap, its price performance in recent times has left much to be desired. The meme coin has failed to put in a new all-time high this cycle, with the price down more than 88% from its all-time high levels from 2021. However, even this underperformance has not eroded the bullish sentiment surrounding the token, as one analyst has predicted that the Shiba Inu price still has more to offer.
Consolidation Will End, And Shiba Inu Price Will Surge
Over the last few months, the Shiba Inu price has fallen into a consolidation trend that has waxed stronger with the uncertain market headwinds. This has seen the price trade in a very tight range during this time, holding between $0.000009 and $0.000013 without any significant breakout in sight.
Like with any consolidation trend, this time has been seen as a good time to get into the meme coin and begin buying at a discount. However, this is also entirely dependent on how long the consolidation is expected to last before there is a breakout, which would determine if accumulation was a good choice or not.
According to crypto analyst MMBTtrader, this current consolidation may be presenting a good opportunity for entry. So far, the Shiba Inu price has seen a persistent dominance of low volatility, and the momentum has remained muted. Historically, during times of quiet like these, the best entries and trades are made.
Furthermore, the crypto analyst pointed out that the Shiba Inu consolidation and accumulation phase may actually be nearing its end. Right now, the only thing left would be a catalyst that would trigger the next wave of the uptrend. This could be in the form of bullish news or a technical push. Either way, the outcome is expected to be the same.
Shooting For New Yearly Highs
In the case of a breakout, the crypto analyst expects the Shiba Inu price to see a notable and sharp rise. Multiple targets are set out for the meme coin, but all with triple-digit ascents. The first of these is a 200% breakout to the $0.00003364 level.
Next on the list is a 402% price increase that would push the Shiba Inu price as high as $0.00005480. While the final target is a 608% increase to push it above the $0.000075 level. While none of these puts it above its previous all-time high levels, it does send it quite close. As for the timeframe for this breakout to be completed, the crypto analyst puts it between 2026 and 2027, so over a year before completion.
Featured image from Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Credit: Source link
