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Leading analysts predict Shiba Inu is primed for a massive breakout, with some forecasting a 200% rally as retail investors drive the next parabolic phase.
Shiba Inu has notably underperformed compared to the broader meme coin rally that has been sweeping the crypto market since last week. Shiba Inu trades at $0.00002568 at the time of writing, marking a 24-hour increase of 8.2%. Over the past week, the token has gained 35%, and its monthly rise is 42%.
Meanwhile, Dogecoin is trading at $0.3787, reflecting an 81% increase over the past week. Its monthly performance has been even more remarkable, with a 211% jump.
This contrast has not gone unnoticed by the Shiba Inu community. Despite the disparity, prominent figures within the SHIB community remain optimistic, assuring supporters that significant price increases could be on the way.
Shiba Inu Is Warming Up
In a recent post on X, Roaring Kitty, a popular crypto analyst, pointed out that the current price action of meme coins is following a historical pattern.
Using Shiba Inu as an example, he explained that the typical meme coin rally begins with an initial “warm-up” pump of 100-200%. This is then followed by a period of consolidation or price correction lasting a few weeks.
After this, retail investor enthusiasm takes over, sparking a massive rally with a +200% surge in a single weekly candle.
Applying This pattern to Shiba Inu
Notably, Shiba Inu broke out of its downtrend in late September when it surged past $0.00002150. However, the momentum quickly faded, and the price dipped to $0.00001553.
This month, Shiba Inu has experienced a more powerful rally, briefly pushing back to the $0.00003 level for the first time in seven months. Specifically, on Tuesday, SHIB hit $0.0000303, but once again, it lost steam and is now trading back in the $0.00002 range.
Roaring Kitty sees this price action as a “warm-up rally,” suggesting that more significant moves could be coming once retail investors jump into the market and FOMO into cheap meme coins.
He speculates that Shiba Inu could eliminate a leading zero and climb as high as $0.00015 during this retail-driven frenzy. As a result, he urged SHIB holders to “Keep holding.”
Other Analysts Share Similar Views
Other market analysts echo this sentiment. “SHIB Mortal” advised traders to keep an eye on Shiba Inu, indicating that a breakout could happen at any moment. He shared a chart showing that SHIB is at a critical point after a prolonged downtrend.
Similarly, analyst Esk noted that Shiba Inu has formed a falling wedge pattern, which typically signals a bullish continuation. Encouraged by this, Esk revealed that he has increased his SHIB holdings.