Shiba Inu (SHIB) is making headlines again, with experts predicting a bullish breakout. But before we get too excited, there’s a key hurdle to overcome.
A Crucial Resistance Level
Ronimus Prime, a well-known crypto analyst, believes SHIB is poised for gains in the coming weeks. However, he stresses that the meme coin needs to break through the 50 Moving Average (MA) on both the weekly and 4-hour charts. This level has been acting as a resistance, preventing SHIB from making significant gains.
FOMC Meeting: A Potential Catalyst
The upcoming Federal Reserve (FED) meeting in September could be a game-changer for SHIB. If the FED lowers interest rates, Prime believes it could trigger a bullish breakout and potentially lead to a 5-wave structure, with the 50 MA acting as support.
Another Expert Sees 6x Growth
Javon Marks, another popular crypto analyst, is also bullish on SHIB. He sees a “Falling Wedge” pattern forming on the 1-day chart, which suggests a potential breakout. Marks believes this breakout could lead to a 6x price increase, reaching a target of $0.000081.
What’s Next for SHIB?
While the predictions are optimistic, it’s important to remember that the crypto market is volatile. SHIB needs to overcome the 50 MA resistance and the upcoming FOMC meeting could play a crucial role. If these conditions are met, we could see a significant bullish breakout. However, it’s important to do your own research and invest wisely.
