The post Analyst Predicts 260% Shiba Inu Price Rally, Here’s Why appeared on BitcoinEthereumNews.com.

Shiba Inu price is gaining attention as analysts suggest the token could see a 260% rally in the coming months. Following a bearish phase that saw Shiba Inu fall by more than 37% from its December highs, market analysts now believe the meme-inspired cryptocurrency may be poised for a strong recovery. Amid this consolidation phase, a whale has withdrawn $4.63 million worth of Shiba Inu from Binance, sparking speculation of a potential upward movement. SHIB Whale Activity and Resistance Levels A major transaction involving Shiba Inu has caught the attention of the crypto community. A whale, dormant for five months, withdrew 220 billion SHIB tokens worth $4.63 million from Binance. This significant move came amid Shiba Inu’s struggle to reclaim the $0.000025 price level during the holiday season. Data from IntoTheBlock indicates that Shiba Inu faces two key sell walls preventing it from reaching the $0.00003 range. The first resistance zone, between $0.000023 and $0.000024, involves 42,310 addresses holding 60.44 trillion SHIB. Source: IntotheBlock A larger sell wall lies between $0.000024 and $0.000030, where 208,010 addresses purchased 70.35 trillion SHIB. These walls have repeatedly hindered the token’s SHIB price recovery, resulting in pullbacks and sharp declines. Price Consolidation Signals Potential Breakout Shiba Inu price has recently entered a consolidation phase after a volatile period. The token is currently trading within a tight range of $0.00002100 to $0.00002300. Analysts view this consolidation as a potential setup for an upward breakout, especially due to the recent surge in SHIB burn rate and if the broader crypto market shows signs of recovery. SHIB/USD 4-hour price chart (source: TradingView) The token’s recent price action aligns with technical analysis suggesting it has found support at $0.00002. This level has been critical in preventing further declines, even as bearish trends persist. RSI and MACD indicators suggest…

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Filed under: News - @ January 2, 2025 4:57 am