For more than a year, the price of Shiba Inu token has remained in consolidation, with analysts predicting a possible breakout that could positively affect the asset's value.
Prolonged Consolidation and Projections
The Shiba Inu (SHIB) token was trading at $0.00001246, reflecting a decline of about 10% over the past year. This figure stands out against Bitcoin's more than 90% increase. Analyst Hamidemo notes that SHIB is approaching the 'final stages of compression' on the weekly chart, which could precede a breakout.
Breakout Levels for SHIB Price
Hamidemo believes that if a breakout occurs, SHIB could rise over 528%, reaching $0.00007837. To achieve this, the token must overcome several resistance levels, including thresholds of $0.00002381 and $0.00004601, which have previously posed challenges.
Future Prospects for SHIB
The forecasts don't end at $0.000078. Hamidemo also suggests that after reaching this level, SHIB could continue to grow by 46%, hitting $0.0001151, effectively 'canceling' one of its four leading zeros. Analysts note that further stabilization and accumulation may only enhance the future breakout.
Market observers continue to monitor the SHIB situation. If the token can overcome the key resistance levels, it may open the door to higher price points and growth potential.
