Analyst Says Shiba Inu Could “Discharge” Soon, Identifies $0.00001760 as Key Breakout Zone

Following a prolonged consolidation phase, a TradingView analyst has predicted that Shiba Inu could soon experience a “discharge” in price momentum.

The analyst, ForexDreamVantage, shared the outlook yesterday in a post titled “Shiba [Inu] Possible Discharge Soon,” signaling an expectation of a potential breakout for SHIB. According to the analyst, Shiba Inu has been trading within a narrow consolidation zone since April

Requirements for Next Breakout

The chart shows that Shiba Inu’s price has fluctuated between $0.00001080 and $0.00001760 over the past six months. Notably, ForexDreamVantage identified the $0.00001080 level as a “strong buy zone,” suggesting it could serve as a key support area for SHIB.

Shiba Inu TradingViewHowever, he emphasized that the upcoming rally hinges on the performance of major cryptocurrencies, particularly Bitcoin’s price trajectory. He pointed out that with Bitcoin currently experiencing a significant upswing, Shiba Inu could benefit from this optimistic sentiment and follow suit

Nonetheless, he cautioned investors that Shiba Inu’s potential breakout above $0.00001760 may not occur easily, even if the broader crypto market remains bullish. He highlighted that the region carries significant selling pressure, which previously hindered SHIB from breaking higher in May

In the meantime, he urged traders to look out for a potential dip toward $0.00001080–where accumulation might occur before a possible rally

Shiba Inu Dips 5.31%

Since the analysis, the broader cryptocurrency market has corrected, causing Shiba Inu to relinquish some of its recent gains. As a result, SHIB declined from a daily high of $0.00001281 to $0.00001212, marking a 5.31% drop.

Despite the recent pullback, community sentiment remains largely optimistic. Many enthusiasts believe SHIB could spike to a new all-time high this year. The Shiba Inu ecosystem team has also fueled this optimism after hinting that SHIB could be the next crypto asset after Bitcoin to hit a new ATH