- Shiba Inu (SHIB) may see a potential 17x surge, with analysts highlighting bullish breakout patterns.
- Whale activity has spiked by 2025%, suggesting major accumulation and possible price movement.
Shiba Inu (SHIB) has experienced a turbulent market phase, struggling to regain upward momentum after a nearly 18% drop in the last 30 days. Despite the recent price dip, analysts remain optimistic about the token’s potential for a significant breakout.
SHIB is currently trading at $0.00001269, with little growth over the last 24 hours. Nevertheless, market experts believe that this might be the calm before a huge rally.
Crypto analyst Crypto ELlTES has shown that SHIB is resting firmly in a strong buy position, with a potential for a huge move in the near future. The idea of a 17x rise is gaining traction among investors as they see the current price level as a perfect accumulation point.
In support of this bullish sentiment, ZAYKCharts explained that SHIB is coming out of a falling wedge pattern on its daily chart, a classic technical indicator for a trend reversal.
This opinion was also held by Javon Marks, as he claimed that SHIB’s breakout point remains at $0.000081. Based on his recommendation, if the bull run continues, the token can experience a nearly 500% rise.
Elaborating on this, Marks described SHIB’s ability to hold onto important levels of support regardless of price action. He described the rejection at lower prices recently as a reflection of strong demand, further increasing the potential for a sustained rally.
Whale Accumulation Signals Strengthening Market Confidence
On-chain data also supports growing optimism for SHIB. According to IntoTheBlock, a total of 123.27 trillion SHIB are currently in profit, which is 36.95% of the circulating supply. It shows that a majority of SHIB holders are ready for a move upwards.
In addition, Glassnode data shows a compelling trend among early SHIB buyers. These investors purchased over 20% of the token’s entire supply at low points and dumped their holdings at top-of-market prices.
This pattern of concentrated ownership over time suggests that whale movement plays a significant role in SHIB’s price movement.
The most significant change is the whopping 2025% expansion of whale wallet inflows. Whale wallets absorbed approximately 6.26 trillion SHIB on March 20, and people are curious about the potential impact of this accumulation.
Such activity usually hints at two possible reasons: big investors may be accumulating tokens for a possible price pump, or they may be transferring their holdings to cold storage after accumulating on centralized exchanges.
This whale activity is particularly significant, as larger players will move into the market aggressively after a significant correction. If history repeats itself, this might be a bottom for the market, paving the way for a sustained bull trend.
SHIB Eyes $0.0001553 as Bullish Signals Confirm Breakout
Analysts have outlined ambitious price targets for SHIB, with the most optimistic projections reaching as high as $0.0001553. Javon Marks emphasized that SHIB has already confirmed bullish signals and has broken out of major resistance levels, setting the stage for a possible 840% rally.
Despite its recent sideways price action, the broader market sentiment suggests that SHIB’s consolidation phase may contribute to the longevity of an upward trend.
Marks argued that this extended period of stabilization could strengthen the foundation for a future breakout above the $0.000081 resistance. If SHIB successfully clears this level, the path to $0.0001553 will become increasingly viable.
The post SHIB Price Prediction: Analyst Sees Explosive 17x SHIB Rally Incoming appeared first on ETHNews.
