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Shiba Inu (SHIB) Price: Forms Bullish Pattern as Analysts Project $0.0000702 Target
As the cryptocurrency market continues to oscillate, a new development in Shiba Inu’s (SHIB) price action has left many analysts optimistic about its potential future trajectory. A recently published technical analysis suggests that SHIB could experience a substantial 189% price increase, reaching a target of $0.0000702.
The prediction is supported by the token’s consistent accumulation around the $0.000024 level for over a month, indicating a possible accumulation phase. Despite a short-term correction of 11.20%, SHIB currently trades at $0.00002755, which may be an opportunity for investors to accumulate the asset ahead of a potential upward movement.
Key observations from recent market activity suggest a growing adoption rate within the Shibarium network, with increasing numbers of daily active addresses and transaction counts. This underlying growth provides fundamental support for the technical analysis outlook.
Moreover, order flow analysis indicates accumulation by larger wallet addresses, signifying confident positioning by experienced market participants. This pattern often precedes price appreciation in cryptocurrency markets, further reinforcing the bullish narrative.
In addition to these indicators, SHIB’s decreasing volatility during the recent consolidation period is a precursor to major price movements according to technical analysis principles. This compression in price range may resolve in the direction of the underlying trend.
Notably, the token has established strong support at $0.000024 and maintains its position above key moving averages on daily timeframes, with resistance identified at $0.000032.
Source: blockonomi.com
