Shiba Inu Price Set For 650% Expansion To $0.00009 ATH If This Happens

Shiba Inu’s price action in recent days has been largely subdued, and many traders would argue it has had the most disappointing meme performance ￰0￱ price has been range-bound between $0.00001345 and $0.00001190 for much of August, showing low volatility as traders wait for a decisive move. Nonetheless, a new technical analysis suggests that SHIB may be approaching the end of its consolidation ￰1￱ to analyst Kamran Asghar, the weekly chart is showing signs of preparing for a major expansion phase that could unlock a rally of more than 650%. Shiba Inu’s History Of Explosive Expansions The weekly candlestick timeframe chart shared by Kamran Asghar shows that Shiba Inu has repeatedly followed a cycle of prolonged accumulation phases before launching into massive ￰2￱ back as far as July 2021, SHIB experienced a 1,154% rally after a lengthy consolidation ￰3￱ Reading: Bybit Exchange Unveils Massive Shiba Inu Balances In The Trillions As Price Tanks Interestingly, this pattern repeated again in early 2024 when the price surged by over 501% after another extended accumulation ￰4￱ cycles were characterized by weeks of sideways action, followed by sudden vertical rallies that took SHIB to new highs in a short span of ￰5￱ current setup has strong similarities to these earlier ￰6￱ one, the Shiba Inu has been locked in a tight accumulation range for several months since the beginning of ￰7￱ accumulation range has been characterized by low volatility between the upper end of $0.000020 and the lower end of $0.000010 for most of the year.

Now, given the precedent of the last two breakouts, Shiba Inu’s ongoing consolidation may already be nearing its ￰8￱ 650% Expansion To $0.00009 If history repeats, the next move could cause another Shiba Inu price explosion on the weekly candlestick ￰9￱ to the analyst’s projection, the massive expansion would see the Shiba Inu price increase by 650%, which would see it reach a target of $0.00009. Related Reading: Shiba Inu Exchange Supply Drops Toward New Lows, What This Means For Price This level coincides with the chart’s projection for a new all-time high, as it would see Shiba Inu break above the peak of $0.00008616 that has held since ￰10￱ projection is based on measuring past expansions and overlaying an average of the two on the current price ￰11￱ the projected 650% increase is less than the 1,150% rally witnessed by Shiba Inu in the 2021 rally, the volume needed in this case would be far ￰12￱ such, the most important factor that will determine whether this breakout will occur is demand ￰13￱ both prior expansions, Shiba Inu ’s rallies were caused by sudden surges in demand that pushed the price out of its accumulation box with high ￰14￱ this surge in volume liquidity, Shiba Inu’s price action may continue drifting sideways within the consolidation ￰15￱ the time of writing, Shiba Inu is trading at $0.00001236, down by 3.8% in the past 24 ￰16￱ image from Getty Images, chart from ￰17￱