Shiba Inu (SHIB) has captured the attention of the crypto market, with analysts predicting a potential 260% rally in the coming months. After experiencing a sharp decline of over 37% from its December highs, the meme-inspired cryptocurrency is now consolidating, prompting optimism for a recovery.
Whale Activity
Adding fuel to the speculation, a dormant whale recently withdrew 220 billion SHIB tokens, valued at $4.63 million, from Binance. This major transaction has sparked intrigue within the community, as whale activity often precedes notable market movements.
Despite this, Shiba Inu continues to face critical resistance levels. According to data from IntoTheBlock, two major sell walls stand in the way of a price surge. The first, between $0.000023 and $0.000024, involves 42,310 addresses holding 60.44 trillion SHIB. The second, more formidable wall lies between $0.000024 and $0.000030, with 208,010 addresses holding 70.35 trillion SHIB.
Consolidation Phase Hints at Potential Breakout
SHIB is currently trading within a tight range of $0.00002100 to $0.00002300, a consolidation phase that analysts see as a precursor to a potential breakout. Technical indicators, including the Relative Strength Index (RSI) at 56.81, suggest a neutral-to-bullish momentum, with support holding firmly at $0.00002.
According to crypto analyst Javon Marks, SHIB recently broke through a long-term resistance trendline and successfully retested it as support—a classic bullish signal. He highlighted the presence of hidden bullish divergence, a pattern indicating underlying strength as price forms higher lows while momentum indicators register lower lows.
Marks predicts that SHIB could climb to $0.000081 in the near term, marking a 260% gain from current levels. He also outlined a long-term target of $0.000155, contingent on broader market recovery and sustained bullish sentiment.
Path to Growth Hinges on Breaking Key Levels
For Shiba Inu to sustain this rally, it must overcome two critical resistance zones, particularly the $0.00003 mark, where prior attempts have faltered. Should SHIB surpass this threshold, analysts foresee a climb to $0.000081 and beyond.
While risks remain, including market volatility and sell pressure, Shiba Inu’s price action and technical indicators suggest that a significant upward move may be on the horizon. Crypto enthusiasts are now closely watching the token’s next steps.
The post Shiba Inu Eyes 260% Rally as Analysts Spot Bullish Signals appeared first on TheCoinrise.com.
