As optimism returns to the cryptocurrency market, a prominent crypto analyst has forecasted a potential bullish breakout for Shiba Inu (SHIB). However, he emphasizes that for the meme coin to confirm its upward momentum, it must first overcome a key resistance level.
Ronimus Prime, a seasoned trader and cryptocurrency expert, has analyzed the current market behavior of Shiba Inu and shared a positive outlook on the meme coin. He anticipates a bullish breakout in the weeks ahead, reflecting his confidence in SHIB’s future price movement.
According to Prime, SHIB has shown promising momentum that suggests potential growth. However, its ability to break through the crucial 50 Moving Average (MA) will be critical in determining whether it can sustain a significant rise.
SHIB is consolidating near key support levels, with the 50 MA acting as resistance on both the weekly and 4-hour charts. For Shiba Inu to validate a breakout, it must surpass the 50 MA and crucial Fibonacci levels on these charts, with the upcoming Federal Open Market Committee (FOMC) meeting in September likely serving as a catalyst.
Prime also noted that after surpassing initial resistance levels, SHIB’s 4-hour chart is showing signs of a potential Elliott Wave setup, hovering around the $0.00001379 price mark. If the Federal Reserve (FED) lowers interest rates during the Jackson Hole meeting, this could trigger a reversal for SHIB and confirm the bullish Elliott Wave setup.
Given SHIB’s recent momentum, Prime has set a short-term price target at $0.00001400. If this momentum continues, he expects a 5-wave structure to form, with the 50 MA providing support. “With the FOMC meeting as a catalyst, watch for a potential breakout if there’s a rate cut; wave three would be the largest,” he added.
Shiba Inu is garnering optimistic predictions as the meme coin shows potential for further gains. Another famous crypto analyst, Javon Marks, predicted a bullish breakout for SHIB, which could lead to a 6x price increase.
Marks bases his prediction on a large Falling Wedge pattern observed on the 1-day chart. He points out that SHIB is approaching the breakout point of this pattern, and a Regular Bullish Divergence has recently been confirmed, signaling an upward breakout.
Once the breakout occurs, Marks believes it could spark a wave of extreme optimism. He maintains a target of $0.000081, suggesting that SHIB could experience nearly 498% growth from its current price to this level.
