The Shiba Inu (SHIB) has consolidated above stable support for almost a week and does not seem to show signs of bullish optimism. However, according to analyst Akash Girimat, this sideways movement may portend explosive growth.
Shiba Inu and the calm before the storm
The price movement of shiba inu from January 5 to February 8 formed a round bottom, similar to the shape of a bowl with a handle. Although the second half of the model is not yet complete, interested investors can take advantage of early entry opportunities. This technical formation predicts a 38% increase, obtained by measuring the depth of the circle and adding $0.0000329 to the breakout point. It provides a target price with a maximum of $0.000454.
The demand zone from 0.0000235 to 0.0000263 USD is the key support level for SHIB last week, which prevented sharp corrections and can be tested before the start of a new uptrend. On the other hand, SHIB can overcome the theoretical target of $0.000454 and reach the psychological resistance of $0.0000500. Compared to today’s low of $0.000251, this increase means a 100 percent profit for the price and shiba inu traders.
Despite the fact that shiba inu prices look extremely optimistic due to consolidation, a sudden drop in the bitcoin price, which sets the trend for all cryptocurrencies, can negate this scenario. A daily candle near the support level of $0.0000211 will negate the bullish argument in favor of the SHIB price. Such a move will give the bears full control and cause a collapse to $0.00094, which SHIB investors can buy at a discount.
As a result
Technical analyst Akash Girimat believes that the price of shiba inu is positioned against the background of a massive uptrend that can bring almost 100% profit. Investors can start a breakthrough by accumulating from 0.0000235 to 0.0000263 dollars in the demand zone. However, a daily candle near the support level of $0.0000211 will negate the bullish argument. At the time of writing, SHIB is trading at $0.00002444 within the demand zone from $0.0000235 to $0.0000263.