Shiba Inu (SHIB) is on the verge of a breakout and experiencing a surge in its price, in line with the entire crypto market. Now the SHIB is inside an accumulation zone, which often leads to a bullish reversal. If a successful breakout occurs, it will lead to a maximum target around the $0.00005589 area.
At the time of writing, SHIB is trading at $0.00001337 with a 24-hour trading volume of $350.85 million and a market capitalization of $7.88 billion. The SHIB price over the last 24 hours is up by 8.13%, and over the last week it is up by 5.09% and showing high potential for the next major rally.
Shiba Inu accumulation signals potential breakout
A prominent crypto analyst revealed that Shiba Inu (SHIB), the most followed meme-based coin, is gathering evidence of a forming building accumulation as market players wait eagerly to see the next massive movement. The SHIB has been stuck in a narrow accumulation area for weeks, which has been fueling speculation of the development of a higher trend.
Historically, the coin has kept the range-bound action intact for long spans of time prior to paroxysmal price action. Seasoned traders typically consider these broad spans of consolidation the quiet prior to the tempest, when astute money assumes positions covertly while the retail sentiment pictures low-key conditions.
Technicians identify two key targets on the chart if this coin crosses the higher end of its range. The first take-profit (TP1) area lies at $0.00003296, while the second target (TP2) is the higher one at $0.00005589. These are key potential profit areas from the existing prices, supporting the upbeat sentiments from accumulation-oriented investors.
Technicians indicate that when volume and momentum also start equalling this accumulation formation, Shiba Inu may potentially follow its past trend of explosive breakouts after periods of inactivity. The overall crypto market performance will shape SHIB’s moves, as meme coins often mirror sentiment-driven rallies in Bitcoin and Ethereum.
