Shiba Inu (SHIB) makes an impressive surge to $0.00001526 after making a bullish reversal of 5.9% in the last 24 hours and 14% in the last seven days. At press time, SHIB’s trading volume had skyrocketed by 76% with $307 million changing hands.
According to analysts, the current phase largely appears as an accumulation stage for the meme coin marked by low volatility. Based on this, SHIB is expected to make a bullish surge similar to the one witnessed in February.
To accurately understand the current market behaviour, analyst CryptoCheck subjected the SHIB price chart to a Wyckoff Method’s Accumulation – a tool used to identify whether large investors are intentionally suppressing a price to buy time for more accumulation. Based on the outcome, two major periods were identified. The first happened between late 2023 and early 2024.
According to him, this accumulation led to a breakout of 330% in less than two weeks in late February and early March. Data also suggests that the second stage is ongoing as large investors are silently accumulating SHIB, which could set the price up for a similar bullish surge. According to the analyst, the price could go as high as $0.00005 from the current trading price.
