Crypto Analyst Sees 'Massive Bullish Sentiment' For Shiba Inu If Memecoin Crosses This Hurdle
Portfolio Pulse from Aniket Verma
Shiba Inu (SHIB) has seen a 33% decline since its yearly peak in March, but analysts predict a potential breakout from its descending channel could lead to a significant upward movement. A successful breakout could result in a 'massive bullish sentiment' with a potential 20% increase in price. The broader memecoin market has rallied, and SHIB has experienced a 2314% increase in large transaction volumes, indicating heightened activity and interest.
May 14, 2024 | 8:52 am
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POSITIVE IMPACT
Shiba Inu is poised for a potential breakout from its descending channel, which could lead to a significant price increase. Analysts predict a 'massive bullish sentiment' with a possible 20% rise if it breaks the upper boundary. The recent surge in large transaction volumes and the broader memecoin market rally support this optimistic outlook.
The analysis is based on the technical assessment of SHIB's price action and the significant increase in large transaction volumes, which suggests a growing interest and potential for upward movement. The broader memecoin market rally further supports the bullish sentiment.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100