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▲ Shiba Inu (SHIB)/ChatGPT Generated Image
An analysis suggests that Shiba Inu (SHIB) could surge by 1,700% if it breaks through its key resistance level.
According to The Crypto Basic, a cryptocurrency media outlet, on August 5 (local time), market analyst Crypto Patel diagnosed that Shiba Inu has entered its most significant long-term accumulation phase since its previous market low. However, the entry into a new bull market has not yet been confirmed, and he proposed $0.00000537 as the key breakout level.
Shiba Inu formed a long-term accumulation phase in 2021, then surged by 1,636% to reach an all-time high of $0.000088. Even during the correction phase from 2023 to 2024, it broke through the downtrend line and skyrocketed by 740% to $0.000045. Patel analyzed that Shiba Inu has recently completed a long-term correction of approximately 95% and entered an accumulation phase similar to the past.
The first upside target proposed by Patel is $0.00000670. Subsequent resistance levels were then presented as $0.000013, $0.000024, and $0.000038, respectively. The final target is $0.00008854, similar to its past all-time high. The potential increase from the $0.000004-$0.000005 accumulation zone to the final target is approximately 1,700%.
To confirm a bullish reversal, the weekly closing price must be above $0.00000537. Subsequently, a trend of converting this price into a support level is also necessary. Patel also noted that decreasing exchange holdings and market leverage support the possibility of long-term investor accumulation. This week, nearly 500 billion SHIB were withdrawn from cryptocurrency exchanges.
Shibarium's network activity remains sluggish. Recent daily transactions numbered 913, a significant difference from the early days when it processed millions of transactions. Patel diagnosed that Shiba Inu's price movement is more heavily influenced by market liquidity and investor sentiment than by ecosystem utilization.
[Key Article Summary]
-Market analyst Crypto Patel analyzed that Shiba Inu could transition to a bullish structure if it breaks $0.00000537.
-The final target price is $0.00008854, with an estimated increase of approximately 1,700%.
-Nearly 500 billion SHIB have been withdrawn from exchanges, but Shibarium activity remains sluggish.
*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*
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