- •Shiba Inu is nearing the end of a months-long accumulation phase, indicating potential for a major price breakout.
- •Analysts identify $0.00001546 as the key level that could trigger a rally toward $0.00002462 and beyond.
- •Despite a minor correction, Shiba Inu remains on an upward trend, gaining over 6% in the past week.
Shiba Inu is drawing attention after top analysts suggested the token could soon exit its prolonged accumulation phase. The digital asset, which nearly crossed the $0.000013 mark over the weekend, has slipped below $0.00001250 following a mild market correction. Despite the decline, market watchers believe the coin is preparing for a significant upward move once momentum returns.
Cryptocurrency market expert Crypto Feras thinks that Shiba Inu has established a solid foundation to reverse its fortunes in 2022 after spending several months in a sideways trade. The token has continuously been traded at a thin accumulation range of $0.000011 to $0.00001150, and bounced back on several occasions on the stable support. Feras notes that this consolidation phase has provided a good base that will help it in a prolonged rally after the purchasing power gains strength.
According to the analyst, a breakout above the price of $0.00001546 was a key trigger to a big rally. According to his estimates, Shiba Inu may increase to between $0.00002462, which is almost a 100% increase over its present price. Feras also pointed out that in case the token has a solid momentum, the price may offer more than one breakout target.
Market Expectations Around the $0.000015 Level
In the meantime, other analysts have also indicated that the -0.000015 price is a critical price to follow. Market commentator CW mentioned that a possible sell wall is $0.00001550, and some traders might resolve to make profits once the token enters this range. Nevertheless, in case of increasing the intensity of buying activity, the token may break the resistance and target higher price ranges.
Shiba Inu is currently trading at about $0.00001245, a minor 0.17% drop in the past 24 hours. Although it has pulled back recently, the token still has a weekly return of 6.23% and a monthly increase of 2.7%, which indicates that people have become optimistic in the market as the market waits to take the next decisive action.