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As the cryptocurrency market turns optimistic, a crypto analyst has predicted that Shiba Inu (SHIB) is about to undergo a bullish breakout. However, he emphasizes that in order to validate the meme coin’s upward trajectory, it must first overcome a significant resistance level.
Shiba Inu Poised For Gains In Upcoming Weeks
Ronimus Prime, a trader and cryptocurrency expert after analyzing the current market action of Shiba Inu, has made a positive prediction regarding the dog-themed meme coin. He believes that there may be a bullish breakout in the coming weeks, demonstrating his trust in the token’s future price movement.
According to the analyst, SHIB has demonstrated good momentum pointing to a potential upward growth, but its capacity to overcome the crucial 50 Moving Average (MA) area will dictate whether or not it can maintain a notable rise.
Currently, the expert highlighted that the meme coin is consolidating close to key support levels, with the 50 MA serving as resistance on the weekly and 4-hour timeframe. Thus in order for Shiba Inu to validate a break out from the phase, it must move beyond the 50 MA and the significant Fibonacci levels on both charts, with the upcoming FOMC meeting expected to take place in September serving as a catalyst.
He also pointed out that after surpassing initial resistance levels, the SHIB 4-hour chart is indicating a possible Elliot Wave setup, while hovering around the $0.00001379 price mark. Should the Federal Reserve (FED) lower rates in Jackson Hole, Prime believes the developments could lead to a reversal for SHIB and trigger the bullish Elliot Wave setup.
Given the recent momentum of SHIB, the crypto expert has placed his short-term price target at the $0.00001400 level. In the event the momentum continues, Prime expects a 5-wave structure to develop, with eyes on the 50 MA providing support. “With the FOMC meeting as a catalyst, watch for a potential breakout if there’s rate cuts, wave 3 would be largest,” he added.
Will The Breakout Trigger A 6X Growth?
Shiba Inu is currently seeing several optimistic predictions as the meme coin shows strength for further gains. Popular crypto analyst Javon Marks has also forecasted an impending bullish breakout for SHIB, which could lead to a 6x price growth.
Marks bases his prediction on a huge Falling Wedge pattern formation cited on the 1-day chart. According to the expert, SHIB is approaching the breakout point of the pattern, and a Regular Bullish Divergence has recently been confirmed, indicating an upward escape.
When the breakout takes place, Marks noted that the development might cause a subsequent round of extreme optimism. Therefore, with the target of $0.000081 still intact because of a wider breakout that is still holding, it could start the next stage of an almost 498% growth from the current price to this level.
Featured image from Unsplash, chart from Tradingview.com
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