As the cryptocurrency market shows signs of optimism, a crypto analyst has forecasted a bullish breakout for Shiba Inu (SHIB). To confirm the meme coin's upward trend, it must overcome a significant resistance level. Ronimus Prime, a trader and cryptocurrency expert, has analyzed SHIB's market action and predicts a potential bullish breakout in the near future. He highlights the importance of surpassing the 50 Moving Average (MA) to sustain a notable rise. Currently, SHIB is consolidating near key support levels, with the 50 MA acting as resistance on weekly and 4-hour timeframes. Prime suggests that breaking past the 50 MA and Fibonacci levels on both charts, especially with the upcoming FOMC meeting in September, could trigger a positive movement. Another analyst, Javon Marks, also foresees a bullish breakout for SHIB based on a Falling Wedge pattern formation. Marks anticipates a significant price growth of up to 498% from the current level. Read more AI-generated news on: https://app.chaingpt.org/news