Not Dogecoin: This Meme Coin Is Bullish Forecast!

According to crypto analyst Filip L, the price of popular meme coin Shiba Inu (SHIB) is consolidating more as a breakout is imminent. The analyst also says that the ‘Dogecoin Killer’ is resisting the sell-off in stocks that have hurt the markets. “Expect to see a breakout at any moment,” said the analyst, hopeful of SHIB. Because he feels he’s ripe for a breakout higher now. We have prepared for our readers Filip L’s analysis for Dogecoin rival Shiba Inu.

The ‘Dogecoin Killer’ makes the final call to get on the train!

As you follow on Kriptokoin.com, the crypto market is trying to find its way in the cloud of fog. Shiba Inu (SHIB) price is currently trading sideways. Meanwhile, a severe and nasty storm is ravaging the stock markets. With stocks nose-diving in its third week, SHIB is doing pretty well. Also, the meme coin is resisting the storm well. A breakout is imminent somewhere on Friday. That’s why the ups and downs are getting tighter towards each other.

The Shiba Inu gains further strength as the gap between the day’s highs and lows shrinks again during the ASIA PAC and European sessions on Friday. Alongside this, the overall lows and highs of the previous days are also falling further. Consolidation is now clear and the turning point we’ve been waiting for is possible at any time.

Thus, SHIB price will see the last squeeze of the week. It also took an upside break after seeing the US Dollar weaken again after strengthening from Thursday and stocks turning slightly green. With the 55-day Simple Moving Average (SMA) bordering on, wait for $0.00000900 to arrive first before testing the actual limit near $0.00000955.

SHIB daily price chart

Of course, the downside risk comes with the current downtrend in stocks preparing for the recession in 2023. If the ‘Dogecoin Killer’ Shiba Inu gets pulled into the same vortex, a quick drop below $0.00000800 is possible. From there, this market level from June to $0.00000738 becomes compelling for the bears to sit short and take profits instead.

At press time, the Shiba Inu is trading at $0.000008326, up 0.22% on a daily basis. Also, the meme coin is up 2.25% on a weekly basis. However, SHIB remains 90% off from its peak of $0.000088845, which it saw at the end of October last year.