SHIB Explosive Move: Shiba Inu Silently Paves Way for a Potential Massive 330% Soar
Currently, the market is experiencing a phase of low volatility and decreased trading volume as large investors strategically accumulate positions without causing significant price movements. Analysts believe that this trend may signal an imminent spike similar to the one observed in February.
CryptoCheck, an analyst on TradingView, recently used the Wyckoff Method’s Accumulation Phase to analyze SHIB’s price chart. This analysis suggests that major investors are deliberately suppressing the price of SHIB, keeping it within a narrow trading range to facilitate their accumulation of positions.
SHIB Gearing Up for Massive 330%
The analysis identified two distinct accumulation periods. The first was between late 2023 and early 2024, followed by a substantial breakout in late February to early March, resulting in over a 330% surge in SHIB’s price in less than two weeks.
Currently, a similar consolidation phase is underway, with large investors quietly accumulating SHIB. This could potentially lead to another significant price increase, similar to the 330% gain seen in February.
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CryptoCheck has set a target price at the $0.00005 range, indicating a substantial increase from SHIB’s current price of $0.0000143.
Identified SHIB Key Resistance and Support Zones
Another analyst, MBM Crypto, identified key resistance and support zones for SHIB and noted that a descending trendline has been suppressing SHIB’s price since April 2024. Breaking above this trendline could shift market sentiment from bearish to bullish.
MBM Crypto shared a potential breakout strategy, suggesting entering long positions once SHIB’s price breaks above the resistance zone of $0.00001875. He also provided three price targets for taking profits after the breakout: $0.00002, $0.0000225, and $0.000025. These levels correspond to key resistance points where traders may face selling pressure.
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