Benzinga - Shiba Inu (CRYPTO: SHIB) has endured corrective price action since hitting its yearly peak in March, but an analyst believes the memecoin has the potential for a big upward burst.
What Happened: In an X post, widely followed cryptocurrency expert World Of Charts drew attention to SHIB's descending channel, which has been in place since the coin hit yearly highs in early March. Since then, the meme token has plunged 33%.
However, if SHIB managed to break out of the said zone, there was the likelihood of a strong uptrend in the coming days, the analyst forecasted.
$ShibStill Consolidating With In Descending Channel Incase Of Successful Breakout Expecting Massive Bullish #Shib Is In Uptrend Expecting Higher In High In Coming Days#Crypto pic.twitter.com/MrRrQYOPSB
— World Of Charts (@WorldOfCharts1) May 14, 2024
"Still Consolidating With In Descending Channel Incase Of Successful Breakout Expecting Massive Bullish Shib Is In Uptrend Expecting Higher In High In Coming Days."
Another well-known expert in the space, Ali Martinez, had predicted something similar, anticipating a potential 20% bounce to $0.00002954.
If #ShibaInu breaks the upper boundary of this descending parallel channel at $0.00002444, $SHIB could witness a 20% upswing to $0.00002954! pic.twitter.com/z5qBKiiyNy— Ali (@ali_charts) May 13, 2024
Why It Matters: These predictions come as the broader memecoin market rallied on the ‘Roaring Kitty' frenzy. Nearly all the leading coins in the sector notched up impressive gains in the last 24 hours.
Regarding SHIB, large transactions volumes worth more than $100,000, soared by a whopping 2314% in the last 24 hours, according to IntoTheBlock data. In the same time, the total balance of long-term holders of the coin dropped by 0.17%, a sign of profit-taking.
Price Action: At the time of writing, SHIB was exchanging hands at $0.00002385, following a 1.18% rise in the last 24 hours, according to data from Benzinga Pro.
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