- Shiba Inu consolidates, awaiting breakout above critical resistance level soon.
- Low trading volume signals accumulation phase before potential price surge.
- SHIB traders watching whale activity for signs of upcoming rally.
Shiba Inu (SHIB) continues to navigate a phase of extended consolidation, with its price hovering around $0.000009970. Despite a slight daily increase of 0.34%, the token’s trading volume has dropped by 12.38%, indicating a period of low market activity. This muted phase, which mirrors past trends, has led analysts, including MMB Trader, to suggest that it could be an accumulation period prior to a potential breakout.
Shiba Inu’s price has been stuck in a narrow range, holding steady near the $0.00001 mark, with a market capitalization of approximately $5.87 billion. The cryptocurrency’s supply of 589.5 trillion tokens remains a key factor in limiting significant price movements. However, the low trading volume signals reduced activity, which may be a sign of market participants waiting for a significant shift in momentum.
Also Read: WazirX to Resume Operations After Sixteen-Month Suspension Following Cyberattack
Key Resistance Level Sets the Stage for Potential Breakout
A critical resistance level lies near $0.00001740, established by a descending trendline since the peak in March 2024. This barrier has repeatedly constrained any bullish movements. If Shiba Inu manages to break past this level, it could trigger a strong upward rally. Analyst MMB Trader has identified possible price targets if this breakout occurs, including $0.00003364, $0.00005548, and $0.00007730, marking potential gains of 235%, 453%, and 670%, respectively.
Recent chart patterns indicate a potential for renewed buying activity. After a dip below $0.00000960, Shiba Inu managed to recover above the $0.00001000 level, signaling that the market may be poised for a shift. Historical price action has shown that Shiba Inu often remains dormant before experiencing sudden, sharp price movements.
Traders are now closely monitoring changes in trading volume and whale accumulation, as these factors may serve as indicators of an impending price surge.
As Shiba Inu remains locked in its current range, holders and traders alike are keenly awaiting confirmation of a breakout. The potential for a sharp upward move remains in play, but the timing and catalyst for such a shift remain uncertain.
Also Read: Tech Researcher: ‘Ripple Can Seamlessly Integrate With SWIFT’ – Here’s How
