Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has recently been trading within a relatively tight range, with its price exhibiting minimal movement. While the broader market has experienced more dramatic price shifts, SHIB has remained stagnant, trading just above key support levels. However, a new technical signal is gaining attention, suggesting that SHIB might be poised for a significant breakout, potentially driving its price up by 100%.
Bollinger Bands Signal a Potential Breakout
The key indicator pointing to a possible SHIB price surge is the weekly Bollinger Bands, which are widely used to identify periods of low volatility and potential breakout opportunities. Currently, SHIB’s price sits at $0.00001258, well below the upper band, which is positioned at $0.00002585 — about 106% higher. This distance between the current price and the upper Bollinger Band represents the potential ceiling that traders will be watching closely.
While this is not a guaranteed price move, the Bollinger Bands often act as a “magnet” for prices during setups like this. As SHIB’s price stretches and consolidates, the upper band could pull it toward higher levels, especially if the volatility squeeze plays out as anticipated.
Consolidation at Key Support Levels
Currently, SHIB is consolidating around $0.00001107, which is just above its multi-month support levels. This consolidation suggests that SHIB is building a solid foundation for a potential upward move. The middle Bollinger Band is currently at $0.00001659, roughly 32% higher than SHIB’s current price, and often represents a key resistance point for price action.
For SHIB to make any significant upward movement, it will need to overcome this middle band first. This level serves as a crucial test to determine whether the current consolidation can lead to an actual breakout. If SHIB pushes through this resistance, the next logical target would be the upper Bollinger Band, which could be reached if the bullish momentum gathers strength.
Bitcoin’s Strength Could Fuel Meme Coin Rally
In addition to the technical setup, Bitcoin’s recent strength in the market could provide the necessary boost for altcoins, especially meme coins like SHIB. When Bitcoin shows strength, altcoins often follow suit, and SHIB could benefit from this trend.
As the market continues to develop, the key question remains whether SHIB is simply consolidating or preparing for a major move. The chart signals potential, but the real test will be whether the price can break through the mid-band. If this happens, SHIB’s upper band target could quickly become a reality, offering traders an exciting opportunity for a substantial price increase.
Related article: SHIB Gains Momentum: Can This 1.61% Push Spark a Bull Run?
Conclusion: SHIB’s Next Move
Shiba Inu’s price action has been relatively flat, but the technical indicators suggest that this could soon change. The consolidation above key support levels, combined with the bullish potential indicated by the Bollinger Bands, sets the stage for a possible 100% price increase. Traders are now closely watching SHIB to see if it can break through resistance levels and continue its upward trajectory. The next few weeks could prove critical for SHIB, as the market looks for signs of momentum to drive prices higher.
