Renowned crypto analyst LuckSide has projected a major breakout for Shiba Inu (SHIB), citing various on-chain indicators and whale activity as key drivers.
Shiba Inu has been in a downtrend for over six months, during which it lost more than half of its value. At the time of reporting, SHIB exchanges hands at $0.0000138, which is an approximately 70% loss of capital for holders who bought SHIB at the $0.000045 yearly peak in March.
Meanwhile, the current floor price reflects a 6.5% gain in value over the past week. Yet, its value represents a flattened performance over the past month, amounting to only a 0.66% gain.
Essentially, Shiba Inu’s price action in recent times has been underwhelming. However, multiple analysts are seeing reasons to believe a significant trend reversal is on the horizon. One of them is LuckSide, a notable crypto YouTuber.
Shiba Inu to $0.001
In a recent analysis, LuckSide argued that SHIB is gearing up for a significant price surge, potentially hitting $0.001. He acknowledged that SHIB’s price has remained within a long-term trend line but is nearing a pivotal phase.
He anticipates a refreshing bullish trend to emerge over the next few months, supported by recent whale activity. Notably, he cited recent data suggesting whales are becoming overly active within SHIB, moving trillions of tokens.
In particular, he cited that whales acquired over 3 trillion SHIB in just two days. With this, he stressed that large investors are getting active, pointing out how they pulled out over $4 million worth of SHIB tokens from exchanges for external holdings.
Meanwhile, with whales becoming highly active, retail investors, on the other hand, have been cooling off. The analyst suggests that the trend suggests that SHIB’s price could explode as whales continue accumulating, followed by FOMO-driven price action as retail traders re-enter the market.
He noted that the upward movement would be aggressive, noting that the liquidity in the upper price range is thin, and SHIB’s price could move quickly once the breakout begins.
Shiba Inu Road to 7,146% Surge
Accordingly, the analyst noted that for Shiba Inu to commence its journey to $0.001, the next critical level for SHIB is $0.000016. If SHIB clears key resistance at $0.000016, it could confirm a reversal and open the door to much higher price levels.
Notably, to break above this resistance, Shiba Inu needs to grow by only 16% from its current price. Meanwhile, to attain $0.001, the meme coin needs to grow by 7,145%.
While he noted that a surge to $0.001 may take time, LuckSide believes the writing is on the wall for a significant breakout as SHIB approaches the end of its consolidation phase.