Shiba Inu Set for 200% Rally? Veteran Trader Sees Bullish Breakout Ahead
Shiba Inu (SHIB) could be gearing up for a massive breakout, with a seasoned trader forecasting a potential 200% surge based on historical support levels and bullish market patterns.
Currently trading at $0.00001252, SHIB has dipped slightly by 0.84% in the last 24 hours, although it’s still showing a 4.39% gain over the past week. These price swings are catching the attention of crypto analysts, especially as the token continues to bounce near critical support levels.
A Technical Setup Worth Watching
According to renowned TradingView analyst MMB Trader, SHIB may be entering a fresh bullish phase. The trader highlighted a familiar pattern forming around a key daily support level—an area that has historically triggered explosive price movements.
In his recent analysis, MMB Trader pointed to SHIB's past rallies as indicators of what's possible. For example, in 2021, Shiba Inu skyrocketed over 1,089%, climbing from $0.000005 to an all-time high of $0.00008026 in just a few weeks. After a pullback and consolidation, the price settled back near the support zone of $0.000005 by mid-2022.
Fast forward to 2024, and SHIB once again demonstrated its volatility. It surged by 391.74%, reaching $0.000045 from $0.00001 in under two weeks, only to retrace shortly after. However, SHIB has shown signs of resilience, bouncing back to its current level of $0.000012 after testing the $0.00001 support.
Price Target: $0.000037 in Sight?
MMB Trader believes that if SHIB maintains its upward momentum and breaks through the current resistance at $0.00002562, we could see another powerful rally. Based on the analysis, a 200% move from the current price would put Shiba Inu at approximately $0.000037.
This projection is rooted in technical indicators and a recurring pattern of significant rallies from similar support levels. With investor sentiment gradually shifting bullish, the setup looks promising.
Another Bullish Signal: Lars Kooistra Joins the Party
Adding to the optimism, professional crypto and forex trader Lars Kooistra also revealed a long position on SHIB. Using the TCT Model 1 accumulation schematic, Kooistra noted that Shiba Inu appears to be in a prime accumulation phase, typically seen before major upward price movements.
Interestingly, Kooistra pointed out a strong price correlation between SHIB and XRP, but emphasized that SHIB currently shows stronger bullish momentum.
Investor Behavior Signals Long-Term Confidence
On-chain data from IntoTheBlock provides even more support for the bullish outlook. Their 'Addresses by Time Held' chart shows a 2.07% increase in long-term holders—wallets holding SHIB for over a year. This suggests growing confidence in Shiba Inu’s long-term potential.
Meanwhile, medium-term holders (1 to 12 months) decreased by 4.17%, and short-term traders (less than a month) dropped by a notable 16.78%. This shift indicates that more investors are now willing to hold onto SHIB, betting on future gains rather than quick flips.
With growing long-term investor confidence, bullish technical signals, and historical support zones holding strong, Shiba Inu may be poised for another breakout. If SHIB breaks above resistance and maintains its momentum, a move to $0.000037 or higher might not be out of the question.
Will history repeat itself? Only time will tell, but the charts and sentiment are beginning to align in Shiba Inu’s favor.
