- Shiba Inu accumulation phase hints at a potential rally and breakout from consolidation.
- Symmetrical triangle pattern indicates an imminent price movement with bullish potential.
- Increased trading activity and positive indicators suggest growing momentum for SHIB.
Shiba Inu (SHIB) may be ready for a breakout, with analysts predicting an accumulation phase and technical indicators pointing to a bullish outlook. Developments such as the Shibarium Burn Portal activation have drawn attention to the network and analysts believe these and the technical consolidation to be the fuel for SHIB’s next rally.
Crypto analyst SHIB Knight noted that Shiba Inu has consolidated within a well-defined range. This accumulation phase indicates sustained investor interest and often precedes significant price movements.
SHIB Knight predicts a 42.6% surge to $0.000037, based on SHIB’s price patterns and strong resistance during consolidation.
Symmetrical Triangle Hints at Imminent Move
Another market analyst Nebraskangooner agrees, identifying a symmetrical triangle formation in the SHIB/USDT pair.
Source: X
The consolidation range, marked by a rectangular box on trading charts, indicates solid price action with reduced volatility. Analysts suggest a breakout from this range could push SHIB toward its target, given sufficient volume and buying pressure.
Read also: Shiba Inu Gains 39% in November: What’s Next for SHIB in December?
Rising Market Activity and Technical Indicators
Shiba Inu’s recent price performance supports this positive outlook. As of publication, SHIB was trading at $0.00002665 , recording an increase of 2.72% over the previous day. Moreover, the trading volume rose by 84.88% to $1.38 billion, while the market cap gained 3.33% to $15.70 billion.
Key technical indicators further validate the bullish sentiment. The MACD shows signs of a potential bullish crossover, indicating growing momentum for buyers.
Source: TradingView
Meanwhile, the RSI stands at 63.64, suggesting room for upward movement before reaching overbought conditions.
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