According to renowned cryptocurrency analyst Zach Humphries, Shiba Inu (SHIB), the second-largest meme coin by market capitalization, could soon emerge. In a new YouTube video posted on Friday, Humphries expressed his optimism about SHIB's potential, predicting that its price could increase five to six times if current market trends continue.

Notably, Humphries, an influential voice in the Shiba Inu community, began by emphasizing the growing momentum surrounding SHIB, highlighting its connection to the Ethereum ecosystem. He further pointed out that Shiba Inu, ranked 13th by market capitalization, is positioning itself to capitalize on Ethereum's growth as its ecosystem gains traction.

"Shib and Pepe are ready and prepared. I think it's coming soon... Ethereum is starting to show signs... right now it's quite quiet, but it won't be quiet for long," he noted.

Focusing on SHIB's technical factors, this expert discussed breaking through the resistance level of $0.00002960. According to him, this would trigger a bullish rally that could push SHIB's price higher, with potential gains of six times if Ethereum rises to the $7,000–$8,000 range.

"If SHIB breaks above $0.2960, be careful... we could start to see another bullish rally towards the mid-three levels," he stated, adding, "I think as long as ETH reaches between $7,000 to $8,000, we could see 10 times from PEPE and possibly five to six times from SHIB at a minimum."

The sentiment of other analysts aligns with Humphries' enthusiasm. Pouyan, an analyst at TradingView, highlighted the important multi-year trendline resistance in SHIB's weekly price chart, noting that breaking it could lead to a price increase of 150%, targeting $0.000074. However, he warned that failing to break this resistance could lead to a drop to $0.000011.

To reinforce this optimism, on-chain data from IntoTheBlock shows that the net cash flow of Large Holders SHIB surged by 82% over the past day, with 2.4 trillion SHIB worth approximately $72 million flowing into whale wallets. This increase often indicates reduced selling pressure, paving the way for upward momentum.

The Relative Strength Index (RSI) of SHIB, currently at 61, reinforces the bullish outlook, suggesting that the asset is not overbought and still has room to surpass the 70 threshold. As long as SHIB stays above the important multi-year support level of $0.000020, the likelihood of exceeding the March 2024 high of $0.000045 seems feasible, potentially triggering a breakout rally. At the time of the press report, SHIB was trading at $0.000002805, reflecting a 2.27% decrease in the last 24 hours.

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