Shiba Inu Price Prediction: Trader Says ‘Unusual Setup’ Could Trigger This Explosive Move

Shiba Inu (SHIB) has gone up by nearly 18% in the past month as meme coins have made a strong comeback after months of facing significant selling pressure.

One trader thinks that SHIB’s weekly price action for the past four years or so anticipates an explosive move that could push it to uncharted territory.

$SHIB remains one of the most unreal charts I have ever seen. No signs of a breakout, but when this breaks out, you'll want a piece of it. pic.twitter.com/keyjpoxnp9

Crypto trader Joey Keasberry emphasized that Shiba Inu’s price chart shows “unreal” characteristics as it has been consolidating for nearly four years.

Although there are “no signs of a breakout yet,” he emphasized that a bullish breakout could result in the kind of move that traders should not miss.

Based on Joey’s chart, it would take a move above the $0.000050 to confirm a bullish breakout of this consolidation. Hence, this is a key level to watch to draft a Shiba Inu price prediction.

Shiba Inu is one of the best meme coins out there in terms of community strength. Its social media accounts are followed by millions and the project has attracted a significant number of developers who have created an entire ecosystem by using its layer-one blockchain.

Thus far, they have launched a decentralized exchange called Shibaswap, non-fungible tokens (NFTs), blockchain-based games, and even a layer-two called Shibarium.

Ecosystem growth has not been an issue for Shiba Inu. Yet, crypto investors have recently been more attracted to exotic new tokens like Fartcoin (FARTCOIN) and Brett (BRETT).

Shiba Inu will likely emerge as a late winner in this latest bullish cycle alongside other well-established tokens with robust communities like Dogecoin (DOGE) and Floki (FLOKI).

The daily chart shows that the price broke above a key resistance at $0.00001530 in the past few days but quickly retreated back into the ascending triangle as the selling pressure was strong after it crossed the 200-day exponential moving average (EMA).

There are multiple key supports to watch including the 21-day and 50-day EMA, the triangle’s lower trend line, and the uptrend’s second-best higher high at $0.00001420.

With so many support levels standing in the way of SHIB, the token’s outlook remains favorable despite this failed break.

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