Shiba Inu (SHIB) May Soon Awaken, Predicts Analyst Zach Humphries

Shiba Inu (SHIB), the second-largest meme coin by market cap, may soon awaken, according to popular cryptocurrency analyst Zach Humphries.

Shiba Inu (SHIB), the second-largest meme coin by market cap, might be preparing for a significant price awakening, according to popular cryptocurrency analyst Zach Humphries.

In a recent YouTube video posted Friday, Humphries expressed his optimism about SHIB’s potential, predicting a five- to six-fold price surge if current market dynamics align.

“Shib and Pepe are primed and ready to go. I think it’s coming… Ethereum is starting to show signs… it’s quiet right now, but it won’t be quiet for very long,” Humphries noted, referring to SHIB and another meme coin, PepeCoin (PEPE).

The YouTuber began by highlighting the growing momentum surrounding SHIB, emphasizing its connection to the vast and thriving Ethereum ecosystem. He pointed out that Shiba Inu, which is currently ranked 13th by market cap, is well-positioned to capitalize on Ethereum’s growth as its ecosystem gains increasing traction.

Zooming in on SHIB’s technical price chart, the analyst discussed the importance of breaking through the $0.00002960 resistance level. According to Humphries, a decisive breakout from this level would trigger a bullish rally that could push SHIB’s price significantly higher.

He noted that if SHIB manages to break through this resistance and Ethereum continues to climb to the $7,000–$8,000 range, the meme coin could rally by up to six times, notching another leg up from its recent March 2024 high of $0.000045.

“I think as long as eth gets to seven to $8,000, we’re probably getting a you know 10x out of PEPE and probably a five to six out of SHIB minimum,” Humphries stated.

While Humphries’ analysis is largely technical and focused on price movements, his predictions have resonated strongly within the Shiba Inu community, where members are closely tracking SHIB’s price and keeping an eye out for potential surges.

In related news, as SHIB continues to consolidate after a strong rally, other analysts are also optimistic about its prospects. Pouyan, a TradingView analyst, highlighted a critical multi-year trendline resistance in the SHIB weekly price chart.

According to the analyst, if SHIB manages to break through this resistance, it could result in a 150% price increase, with a target of $0.000074. However, failure to breach this resistance might lead to a drop toward $0.000011.

Meanwhile, on-chain data from IntoTheBlock shows a sharp 82% rise in SHIB’s Large Holders Netflow within the past day, with 2.4 trillion SHIB, valued at approximately $72 million, flowing into whale wallets.

This surge in large holder netflow often indicates reduced selling pressure from whale entities, which can pave the way for upward price momentum. Notably, the last time SHIB experienced a significant netflow decrease was around March 2024, when the meme coin rallied by 300% over the following month.

Moreover, SHIB’s Relative Strength Index (RSI) on the weekly timeframe is currently at 61, which further supports the bullish outlook. This indicator suggests that the asset is not yet overbought and still has room to rise past the 70 threshold.

As long as SHIB continues to hold above the key multi-year support at $0.000020, a break above the March 2024 high of $0.000045 seems likely, which could potentially trigger an explosive rally.

At press time, SHIB is trading at $0.00002805, reflecting a 2.27% drop in the past 24 hours.