Shiba Inu (SHIB) Is Primed for a Massive Breakout, Rally of 200% Is Forecasted

Leading analysts predict Shiba Inu is primed for a massive breakout, with some forecasting a 200% rally as retail investors drive the next parabolic phase.

Shiba Inu remained largely stagnant on Monday, showing a minimal increase of 0.5% over the past 24 hours. However, the token still displayed a gain of 35% over the past seven days.

At the time of writing, Shiba Inu was valued at $0.00002568. This price puts the token up by 42% over the past month.

Throughout the last seven days, meme coins have experienced a collective surge in demand, driven by retail investors.

However, Shiba Inu has notably underperformed in comparison to the broader meme coin rally that has swept the crypto market.

For instance, Dogecoin was trading at $0.3787, reflecting an 81% increase over the past week. Moreover, over the past month, Dogecoin has soared by an impressive 211%.

This disparity has not escaped the attention of the Shiba Inu community, who have expressed concern over the token's lagging performance.

Despite this, prominent figures within the SHIB community remained optimistic, assuring supporters that significant price increases could be on the way.

Warming Up for a Massive Breakout

In a recent post on X, Roaring Kitty, a popular crypto analyst, highlighted that the current price action of meme coins is following a historical pattern.

Using Shiba Inu as an example, he explained that the typical meme coin rally begins with an initial “warm-up” pump of 100-200%. This is then followed by a period of consolidation or price correction lasting a few weeks.

After this, retail investor enthusiasm takes over, sparking a massive rally with a +200% surge in a single weekly candle.

Applying This Pattern to Shiba Inu

Notably, Shiba Inu broke out of its downtrend in late September when it surged past $0.00002150. However, the momentum quickly faded, and the price dipped to $0.00001553.

This month, Shiba Inu has experienced a more powerful rally, briefly pushing back to the $0.00003 level for the first time in seven months. Specifically, on Tuesday, SHIB hit $0.0000303, but once again, it lost steam and is now trading back in the $0.00002 range.

Roaring Kitty sees this price action as a “warm-up rally,” suggesting that more significant moves could be coming once retail investors jump into the market and FOMO into cheap meme coins.

He speculates that Shiba Inu could eliminate a leading zero and climb as high as $0.00015 during this retail-driven frenzy. As a result, he urged SHIB holders to “Keep holding.”

Other Analysts Share Similar Views

Other market analysts also shared their perspectives on Shiba Inu's price action and potential for a breakout.

“SHIB Mortal” advised traders to keep an eye on Shiba Inu, indicating that a breakout could happen at any moment. He shared a chart showing that SHIB is at a critical point after a prolonged downtrend.

Moreover, analyst Esk noted that Shiba Inu has formed a falling wedge pattern, which typically signals a bullish continuation. Encouraged by this, Esk revealed that he has increased his SHIB holdings.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.