Shiba Inu Builds Momentum: ‘Monster’ Price Move Coming—Analyst

Shiba Inu (SHIB) appears to be laying the groundwork for a big rally, as market observers focus on a potential vertical surge. The popular meme coin, which has often piqued investor interest, appears to be set for a “monster” climb toward $0.000066651.

Related Reading

Positive Trends Amid Market Uncertainty

Shiba Inu’s current pricing behavior indicates a steady rebound in momentum. After weeks of sluggish activity, the token’s upward trend has fueled confidence. Analysts are keeping a careful eye on important technical signs that indicate SHIB may be ready to exit its consolidation phase. Increased trade volumes and strengthened support levels indicate that investor confidence is growing.

Positive mood in the broader crypto landscape supports CoinMarketCap data indicating the coin is gaining more traction. Major developments in Bitcoin and Ethereum have set off a chain reaction that has elevated the appeal of SHIB and other cryptocurrencies.

On X, an analyst identified as “Strong” noted a likely cup-and-handle formation in SHIB’s weekly chart that suggested possible consolidation before to an upward breakthrough. Based on past resistance levels, they estimated a post-breakout goal of $0.000066 suggesting great optimistic possibilities.

$SHIB

Shib will do what it does, “slowly then all at once” a monster vertical move

HTF chart looks super bullish:

– a catch up play to $DOGE
– largest erc token on $ETH
– soon a break out of a 4y down trend

A bullish $SHIB is good for risk on crypto

It’s almost time pic.twitter.com/ofzM4fEXhr

— $trong (@StrongHedge) January 5, 2025

Emphasizing SHIB’s ranking as the biggest ERC-20 token on Ethereum, the research also positioned SHIB as a “catch-up play” for Dogecoin. Furthermore, SHIB is apparently approaching a breakout from a four-year declining trend, which supports its attraction to traders expecting a substantial price increase.

Technical Signs Point To A Breakthrough

The likelihood that Shiba Inu will achieve its estimated goal of $0.000066 is determined in part by technical and commercial variables. While the coin has been trading in a long-term symmetrical triangle, it is typically associated with potential bullish breakouts. Prominent experts and other cryptocurrency enthusiasts on social media have emphasized this circumstance as a motivating factor for SHIB’s upcoming actions.

Recent studies underlined the need of maintaining important resistance values. Should SHIB keep following its current rising path, holders could find big increases in the next weeks. Moreover, the introduction of Shibarium, Shiba Inu’s Layer-2 solution, has piqued attention on the general value of the ecosystem.

Related Reading

Market Mood Improves Shiba Inu Projection

Beyond mere technical concerns, the prevailing attitude in the crypto space supports SHIB’s promise. Social engagement metrics have climbed; Shiba Inu mentions on websites like Twitter have peaked several months ago.

Furthermore, increased speculation about important events in the ecosystem, such as new coin listings and partnerships, has kept the token in the spotlight.

However, analysts warn against being overly optimistic. Shiba Inu price swings, like those of any other speculative asset, are characterized by volatility. Investors should approach this rise with a balanced mindset and keep an eye out for market changes.

At the time of writing, SHIB is trading at $0.000002414, up slightly in the last 24 hours. Whether it can meet its ambitious $0.000066651 aim is determined by a combination of technical and market variables.

Featured image from DogTime, chart from TradingView