Bitcoin and Ethereum continue to drag their feet under strong support levels as the entire crypto market consolidates.
The global crypto market cap is holding out at the 1.19 trillion zone, and a neutral fear and greed index.
However, of all the cryptocurrencies on the market, SHIB is starting to show some real promise, and you should be prepared.
SHIB may be ready to rally by as much as 100% very soon. Here's how:
In a recent tweet from a World Of Charts, a relatively popular crypto and FX analyst on Twitter, Shiba Inu may be ready for some massive action "in three days".
This tweet was sent out sometime on Friday last week, putting SHIB's "moment" somewhere around Monday or Tuesday this week.
In the tweet, the analyst notes that (SHIB) is finally breaking out and that he expects as much as a 150 – 180% increase in the cryptocurrency.
Attached to the tweet, was a chart showing SHIB in a falling wedge, with the top resistance on the verge of being broken.
While this would be huge for SHIB if things pan out this way, let's take a look at the charts to see what's really happening.
Shiba Inu is changing hands at $0.00000849 as of writing. The charts also reveal that although the memecoin has been declining for some time, it has had a significant 55% increase over the last seven weeks.
But what about the potential +100% price explosion? How feasible is that?
Well, there really is a falling wedge on Shiba Inu's charts, and this formation has been valid for longer than anyone realizes.
What we have above is a falling wedge formation that has contained Shiba Inu's price action since mid-2022 or thereabout.
This might be a big deal, because such an old formation being broken may indeed cause a massive price explosion as the analyst in the previous section has stated.
What is even more interesting, is that if we zoom into the charts, we can see that SHIB is on the verge of a (possible) breakout, as illustrated above.
When we take a look at the weekly chart above, we can also see that Shiba Inu's weekly RSI is slightly below the neutral zone. However, a bullish crossover happened between the RSI line and the RSI-based MACD sometime around mid-July.
This means that the bulls may be gathering the momentum necessary to initiate a breakout that launches SHIB into greater heights.
Well, it can go pretty high.
Shiba Inu's candle for last week was a green one that was already pushing up against the top resistance of the falling wedge.
This week's candle may be the candle SHIB breaks out with.
If SHIB does break out from this formation, it is bound to register a +35% rise, before taking a moment to rest at the $0.00001176 zone.
And if the bulls have gathered enough momentum to push the cryptocurrency further up, the next major stop would be a 111.94% rally from where SHIB currently sits, all the way to $0.00001820.
According to a recent tweet from the on-chain data collection platform, Santiment, SHIB was the surprising winner, during the final hours of a particularly dull trading week.
Santiment also mentioned that Shark & Dolphin wallets holding from 10 million to about 100 billion $SHIB tokens have accumulated approximately $9 million worth of the cryptocurrency, in just under 8 weeks.
This, Santiment suggests, is a significant amount for the 14th-ranked crypto asset.
In all, SHIB's performance will be one worth watching this week. Who knows? This might be a great opportunity to pull in some massive profits from SHIB, for the first time this year.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.