An expert currently believes that Shiba Inu is in an accumulation phase, aiming for a breakout target of $0.000037.

A well-known market analyst and Shiba Inu enthusiast has predicted that this cryptocurrency is likely to break out as it enters a high accumulation phase.

In a detailed analysis published on November 29, an analyst named SHIB Knight emphasized that Shiba Inu has shown significant development over time.

This accumulation phase has caused the token to lag behind other high-performing assets in the market.

To understand better, the market capitalization ranking of Shiba Inu has dropped three places, mainly due to the impressive gains of cryptocurrencies like Avalanche (AVAX), Toncoin (TON), and Stellar (XLM).

These assets have surged, causing Shiba Inu to drop from its previous 11th position in the market ranking.

However, SHIB Knight still believes that this accumulation phase is beneficial.

He believes that consolidation at such a high level often occurs before a significant price breakout, setting the stage for a notable price increase.

Analyst's price prediction

SHIB Knight predicts that after breaking out of the accumulation zone, Shiba Inu's price could increase by approximately 42.6%, targeting a price level of $0.000037.

This bullish outlook reflects confidence in the growth potential of the meme coin.

Additionally, another analyst known as Nebraskangooner is also closely monitoring the breakout.

He notes the possibility of breaking the symmetrical triangle pattern in Shiba Inu's price action.

In a tweet, he shared the daily SHIB/USDT chart, highlighting that this token is on the verge of a breakout that could lead to higher prices.

Technical indicator

Shiba Inu's price recently closed above a symmetrical triangle pattern, indicating a potential upcoming price increase.

Although the analyst did not specify a target after the breakout, technical indicators still suggest a promising outlook.

According to TradingView's analysis, Shiba Inu's relative strength index (RSI) is currently at 61.61, indicating there is still room for growth before reaching the overbought zone above 70.

Furthermore, the MACD indicator is signaling a potential bullish crossover, with the MACD line at 0.00000133 and the signal line at 0.00000147, further reinforcing the price increase expectations.

As of now, Shiba Inu is trading at $0.00002688, with a market capitalization of approximately $15.43 billion, reflecting its position as the second-largest meme coin by market capitalization.