The post Analyst Predicts Shiba Inu (SHIB) Price On the Verge Of Major Breakout appeared first on Coinpedia Fintech News
Despite the broader crypto market occasionally registering gains, Shiba Inu has been in a consolidation phase over the past month. However, some analysts believe this period could be coming to an end, with a breakout on the horizon for the asset. Crypto Rand, a well-known crypto analyst, and trader highlighted a pattern observed on Shiba Inu’s daily chart, remarking, “Eyes on SHIB, it’s looking for the breakout!”
The chart displays a descending wedge that SHIB has fallen into repeatedly. Each time SHIB reaches the bottom of the descending wedge, its price experiences a significant increase.
This pattern was observed in October 2022, when the asset reached a high of $0.00001488 before a decline in November due to FTX. Another instance was in December 2022, which led to a rally and a high of $0.00001527 on February 5th this year. As the asset has once again reached the bottom of the wedge, Crypto Rand believes another rally is imminent.
Shibarium Anniversary and Price Movements
As Shibarium’s first-month anniversary approaches, Shiba Inu’s price has dipped, contrary to the expectations of the community, which anticipated a surge following the platform’s launch.
In the last 24 hours, the price of SHIB has decreased by 0.8%, but it remains 2.5% higher on the weekly chart. Analysts predict that the upcoming launch of SHIB: The Metaverse could benefit Shiba Inu. At press time, SHIB trades at $0.000011.
A Whale’s Selling Spree
Data from Etherscan.io shows that the 29th largest Shiba Inu Whale has sold a staggering 538 billion SHIB, valued at $6.07 million, through five major transactions in the past twelve days.
The whale began selling on April 2nd with a 200 billion SHIB transaction worth $2.25 million. They continued to sell 100 billion SHIB ($1.12 million) on April 5th, 88 billion SHIB ($993,520) on April 7th, 72 billion SHIB ($812,880) on April 11th, and finally 78 billion SHIB ($880,620) forty-one hours prior to the time of writing this article.