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Following a prolonged consolidation phase, a TradingView analyst has predicted that Shiba Inu could soon experience a “discharge” in price momentum.
The analyst, ForexDreamVantage, shared the outlook yesterday in a post titled “Shiba [Inu] Possible Discharge Soon,” signaling an expectation of a potential breakout for $SHIB. According to the analyst, Shiba Inu has been trading within a narrow consolidation zone since April.
Requirements for Next Breakout
The chart shows that Shiba Inu’s price has fluctuated between $0.00001080 and $0.00001760 over the past six months. Notably, ForexDreamVantage identified the $0.00001080 level as a “strong buy zone,” suggesting it could serve as a key support area for $SHIB.
However, he emphasized that the upcoming rally hinges on the performance of major cryptocurrencies, particularly Bitcoin’s price trajectory. He pointed out that with Bitcoin currently experiencing a significant upswing, Shiba Inu could benefit from this optimistic sentiment and follow suit.
Nonetheless, he cautioned investors that Shiba Inu’s potential breakout above $0.00001760 may not occur easily, even if the broader crypto market remains bullish. He highlighted that the region carries significant selling pressure, which previously hindered $SHIB from breaking higher in May.
In the meantime, he urged traders to look out for a potential dip toward $0.00001080–where accumulation might occur before a possible rally.
Shiba Inu Dips 5.31%
Since the analysis, the broader cryptocurrency market has corrected, causing Shiba Inu to relinquish some of its recent gains. As a result, $SHIB declined from a daily high of $0.00001281 to $0.00001212, marking a 5.31% drop.
Despite the recent pullback, community sentiment remains largely optimistic. Many enthusiasts believe $SHIB could spike to a new all-time high this year. The Shiba Inu ecosystem team has also fueled this optimism after hinting that $SHIB could be the next crypto asset after Bitcoin to hit a new ATH.
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