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Shiba Inu (SHIB) Price: Forms Bullish Pattern as Analysts Project $0.0000702 Target
The price action of Shiba Inu (SHIB) has recently displayed a strong indication of an impending upward surge, with technical analysis suggesting a potential 189% increase to $0.0000702. The token’s current trading price stands at $0.00002755, following an 11.20% correction over the past week.
Notably, SHIB has maintained stability around the $0.000024 level for over a month, which is often characteristic of an accumulation phase. This prolonged period of consolidation frequently precedes significant price movements, implying that market participants are increasingly confident in the token’s growth prospects.
The Shibarium Layer-2 network has witnessed growing adoption rates, with rising numbers of daily active addresses and transaction counts. This underlying development provides fundamental support to the technical analysis outlook, reinforcing the notion that SHIB is poised for a substantial rally.
In addition to this fundamental backdrop, order flow analysis indicates accumulation by larger wallet addresses, typically an indicator of confident positioning by experienced market participants. This accumulation pattern often precedes price appreciation in cryptocurrency markets, further substantiating the bullish thesis.
Furthermore, the token’s price action has exhibited decreasing volatility during the recent consolidation period, a phenomenon that frequently resolves in the direction of the underlying trend. As such, it is reasonable to expect SHIB’s price to break out and ascend towards the projected $0.0000702 target.
Currently trading above key moving averages on daily timeframes, the token has established strong support at the $0.000024 level, with resistance identified at $0.000032. It is essential for traders to monitor trading volume data as well as a potential breakthrough of key resistance levels to validate the technical pattern observed in SHIB’s price chart.
The authors of this analysis believe that SHIB is likely to continue its upward trajectory and are currently advising clients to take a long position in the token, pending confirmation of the current trend.
Source: blockonomi.com
