Shiba Inu: The Exchange Informs That 'Unusual Setup' Could Trigger This Explosive Activity

Shiba Inu has increased nearly 18% in the past month as meme coins have made a strong comeback after facing significant selling pressure for several months. A trader believes that the weekly price movement of SHIB over the past four years predicts a breakout move that could push this stock price to an unprecedented zone. Cryptocurrency trader Joey Keasberry emphasizes that the price chart of Shiba Inu shows "unrealistic" characteristics as the price has stabilized for nearly four years. Although "there are no signs of a breakthrough yet," he emphasized that a bullish breakthrough could lead to a move that traders should not miss. Based on Joey's chart, it is necessary to move above the level of $0.000050 to confirm the bullish breakout of this consolidation. Therefore, this is an important level to watch for drafting the price prediction of Shiba Inu. Shiba Inu Price Prediction: Ecosystem Growth Supports Favorable Outlook for the Token Shiba Inu is one of the best meme coins available in terms of community strength. Its social media accounts have millions of followers, and the project has attracted a large number of developers who have created an entire ecosystem using its layer one blockchain. So far, they have launched a decentralized exchange called Shibaswap, non-fungible tokens (NFT), blockchain-based games, and even a second layer called Shibarium. The development of the ecosystem is not a problem for Shiba Inu. However, cryptocurrency investors have recently been more attracted to novel tokens like Fartcoin (FARTCOIN) and Brett (BRETT). Shiba Inu is likely to emerge as a late winner in this latest bull cycle alongside other long-standing tokens with strong communities like Dogecoin (DOGE) and Floki (FLOKI).

The daily chart shows that the price has surpassed the important resistance level at $0.00001530 in the past few days but quickly retreated back into the ascending triangle due to strong selling pressure after exceeding the 200-day exponential moving average (EMA). There are many important support levels to pay attention to, including the 21-day and 50-day EMA, the lower trend line of the triangle, and the second high of the uptrend at $0.00001420. With so many support levels hindering SHIB, the outlook for this token remains favorable despite this unsuccessful breakout.