Recent analysis of Shiba Inu suggests that the cryptocurrency may be on the verge of a substantial price movement, potentially experiencing significant gains in the coming months. Following a period of price accumulation, the meme coin has shown signs of bullish momentum, with analysts speculating a “big pump” is imminent. This forecast comes after the asset quickly recovered from a downtrend earlier this week, gaining more than 9% in value following a 3.17% drop the previous day. Despite this recent recovery, the token’s performance still lags behind some major market assets. In the past week, SHIB has risen by just 8%, while other notable cryptocurrencies, such as XRP and Dogecoin, have appreciated by 43% and 18%, respectively. Nevertheless, technical indicators suggest a substantial increase in Shiba Inu (SHIB) price could occur soon, according to several analysts. Shiba Inu (SHIB) Technical Analysis A key contributor to the optimistic outlook for SHIB is the recent identification of a price compression pattern on the cryptocurrency’s monthly chart. Analyst SimpleTrader2018 from TradingView has pointed out that Shiba Inu has been moving within a symmetrical triangle formation for the past six months. This pattern began at SHIB’s low in August 2024, at $0.00001083, with the price climbing to $0.00003341 by December. The breakout from this symmetrical structure is crucial to the next phase of the asset’s price action. According to SimpleTrader2018, the meme coin is expected to surge if it can regain bullish momentum. The analyst predicts that a breakout could lead to a significant price increase within one to two monthly candlesticks, signaling a potential breakout in the short term. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Several analysts have supported the prediction of a major surge for Shiba Inu, with some estimating a tenfold price increase soon. CryptoELITE, another market analyst, highlighted the token’s positive technical indicators, asserting that the cryptocurrency could experience a substantial rise if the current bullish trend continues. CryptoELITE based this forecast on the formation of a symmetrical triangle pattern on the token’s price chart, which began after the coin’s surge to $0.00004567 in March 2024. Since then, the coin has been consolidating within this formation, leading the analyst to predict that SHIB could break out reaching a target price of $0.00023. Alan Santana , a market expert, shares a similar outlook, setting a target of $0.00023 for the token during the upcoming bull run. Santana suggests that the price movement could occur within the year, further supporting the notion of an imminent breakout. Shiba Inu (SHIB) Current Price and Market Sentiment At the time of press, Shiba Inu (SHIB) is trading at $0.00002276, reflecting a 0.63% decrease on the day. While the price has shown some upward movement, it is clear that analysts expect the cryptocurrency to experience a more substantial surge if it breaks free from its current price consolidation. CryptoELITE and Santana predict that the breakout could send the token to a new price level of $0.00023, a significant increase from its current position. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post Shiba Inu Chart Indicates A Big SHIB Price Pump Is Coming appeared first on Times Tabloid .
