Shiba Inu Could Explode to $0.00003255 If Breakout Happens – Analyst

Shiba Inu teeters on the edge of a major breakout, with analysts forecasting a potential surge to $0.00003255. The critical pattern to watch is a tightening symmetrical triangle, signaling a decisive move is imminent.

This analysis was shared by a well-known cryptocurrency influencer and analyst who frequently posts market insights and opinions about crypto assets, Carl Runefelt (@TheMoonCarl on X) on Tuesday. The forecast hinged on Shiba Inu breaking above the upper trendline of this triangle formation as shown on the chart he showed.

The chart clearly depicted this symmetrical triangle, formed by converging trendlines drawn along a series of lower highs and higher lows since mid-November. This pattern suggested a period of consolidation, where neither bulls nor bears have definitively taken control. The apex of the triangle, where the trendlines meet, represents the potential breakout point, expected to occur in the near future.

Shiba Inu Could Explode to $0.00003255 If Breakout Happens - Analyst

A decisive break above the upper trendline, as the analyst suggested, would signal a bullish breakout, potentially propelling SHIB toward the ambitious $0.00003255 target. This price point represents a substantial gain of approximately 33.59% from SHIB’s current trading levels. Such a move would likely generate significant excitement within the SHIB community and could attract renewed investor interest.

Conversely, a break below the lower trendline of the triangle would be a bearish signal, suggesting sellers are gaining momentum. This could lead to a price decline towards the next significant support level, potentially invalidating the bullish thesis.

Shiba Inu Price Action

Shiba Inu is currently navigating a period of price volatility, trading at $0.00002442 as of 1:24 a.m. ET on Wednesday. This price point reflects a recent dip of 2.91% over the past 24 hours, contrasting with a more positive 0.55% gain over the last seven days and a significant surge of 44.76% over the past month.

The 24-hour trading volume stands at an impressive $1.05 billion, indicating robust trading activity and continued interest in Shiba Inu despite the recent daily dip. This substantial trading volume suggests that a significant number of investors are actively buying and selling SHIB, potentially contributing to the observed price fluctuations.

Data from CoinMarketCap reveals a predominantly bullish outlook, with 89% of the community expressing positive sentiment versus 11% bearish. This overwhelmingly bullish sentiment suggests that a significant portion of the community anticipates further price appreciation, despite the recent short-term dip.

Shiba Inu’s market capitalization currently sits at $14.41 billion, placing it among the top cryptocurrencies by market cap. With a circulating supply of 589.26 trillion SHIB, the token’s relatively low price is a function of its enormous supply.

Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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