Shiba Inu (SHIB), the second-largest meme coin by market capitalization, may be on the verge of a significant breakout, according to prominent cryptocurrency analyst Zach Humphries.
In a recent analysis shared via YouTube, Humphries outlined his bullish case for SHIB, projecting a potential five- to sixfold price surge if market conditions continue to favor Ethereum’s ecosystem.
Ethereum’s Ecosystem and SHIB’s Momentum
Humphries emphasized SHIB’s strong ties to Ethereum, noting that as Ethereum gains traction, Shiba Inu stands to benefit significantly.
“Shib and Pepe are primed and ready to go. I think it’s coming… Ethereum is starting to show signs… it’s quiet right now, but it won’t be quiet for very long.”
With SHIB ranked 13th by market cap, Humphries believes the meme coin is well-positioned to capitalize on Ethereum’s upward momentum.
Technical Breakout and Price Targets
A key resistance level for SHIB lies at $0.00002960. Humphries suggests that breaking through this barrier could ignite a strong bullish rally, potentially leading to:
- A five- to sixfold increase if Ethereum reaches $7,000–$8,000.
- A push toward $0.000033–$0.000036 in the short term.
Other analysts echo this optimism:
- Pouyan, a TradingView expert, identified a critical multi-year trendline resistance on SHIB’s weekly chart. A successful breakout could propel prices by 150%, targeting $0.000074.
- Failure to breach resistance, however, might result in a pullback toward $0.000011.
Whale Activity and On-Chain Data
Recent on-chain metrics from IntoTheBlock reveal a dramatic 82% spike in SHIB’s Large Holders Netflow, with 2.4 trillion SHIB (worth ~$72 million) moving into whale wallets. This trend typically signals:
👉 Reduced selling pressure and potential upward momentum
Additionally, SHIB’s Relative Strength Index (RSI) sits at 61, indicating room for growth before hitting overbought conditions (RSI > 70).
Key Support and Resistance Levels
- Support: $0.000020 (critical multi-year floor)
- Resistance: $0.00002960 (immediate breakout level)
- March 2024 High: $0.000045 (next major target)
A decisive break above $0.000045 could trigger an explosive rally, as historical patterns suggest strong follow-through buying.
FAQs
1. Why is Shiba Inu (SHIB) considered a sleeping giant?
SHIB’s strong ties to Ethereum, combined with increasing whale accumulation and a favorable technical setup, suggest significant upside potential if market conditions align.
2. What price target does Zach Humphries predict for SHIB?
Humphries forecasts a five- to sixfold surge if Ethereum reaches $7,000–$8,000, with SHIB potentially hitting $0.000033–$0.000036 short-term.
3. What does SHIB’s Large Holders Netflow indicate?
An 82% increase in whale purchases (2.4 trillion SHIB) suggests reduced selling pressure and growing confidence among major investors.
4. What are the key resistance levels for SHIB?
The immediate resistance is $0.00002960**, while a breakthrough could target **$0.000045 (March 2024 high) and beyond.
5. What risks should SHIB traders watch for?
Failure to break resistance may lead to a drop toward $0.000011, emphasizing the need for cautious position management.
Conclusion
With whale accumulation rising, Ethereum’s momentum building, and key technical levels in play, SHIB appears poised for a potential sixfold surge. Traders should monitor the $0.00002960 resistance and Ethereum’s price action for confirmation.
👉 Stay updated on the latest crypto trends
Price at press time: $0.00002805 (-2.27% 24h change)