As the cryptocurrency market turns bullish, a crypto analyst has predicted that Shiba Inu (SHIB) is poised to undergo a bullish breakout. However, he emphasizes that for the meme coin’s upward trajectory to be validated, it must first overcome a significant resistance level.

Shiba Inu ready for win in the coming weeks

Ronimus Prime, a trader and expert in cryptocurrency, has given a positive verdict after analyzing the current market action of Shiba Inu prediction regarding the dog-themed meme coin. He believes that a bullish breakout could occur in the coming weeks, showing his confidence in the future price movement of the token.

According to the analyst, SHIB has shown good momentum This points to potential upward growth, but its ability to overcome the crucial 50 Moving Average (MA) area will determine whether it can sustain a significant rise.

Currently, the expert emphasizes that the meme coin consolidating close to key support levels, with the 50 MA acting as resistance on the weekly and 4-hour timeframes. So, to validate a breakout from the phase, Shiba Inu needs to break past the 50 MA and the key Fibonacci levels on both charts, with the upcoming FOMC meeting expected to take place in September serving as the catalyst.

He also pointed out that after breaching the initial resistance levels, the SHIB 4-hours chart is indicating a possible Elliot Wave setup while hovering around the $0.00001379 price mark. Should the Federal Reserve (FED) cut rates in Jackson Hole, Prime believes the developments could lead to a reversal for SHIB and trigger the bullish Elliot Wave setup.

Given SHIB’s recent momentum, the crypto expert has placed his short-term price target at the $0.00001400 level. In case the momentum continues, Prime expects a 5-wave structure to emerge, with eyes on the 50 MA providing support. “With the FOMC meeting “As a catalyst, watch for a potential breakout if rate cuts come, wave 3 would be the largest,” he added.

Will the outbreak cause a 6x growth?

Shiba Inu is currently seeing several bullish predictions as the meme coin shows strength for further gains. Popular crypto analyst Javon Marks has also predicted an impending bullish breakout for SHIB, which could lead to a 6x price increase.

Marks bases his prediction on a huge Falling Wedge pattern formation called on the 1-day chart. According to the expert, SCHIEB is approaching the breakout point of the pattern and a regular bullish divergence has been confirmed recently, indicating an upside breakout.

If the breakout does occur, Marks noted that the development could trigger another round of extreme optimism. Therefore, with the $0.000081 target still intact due to a broader breakout still holding, it could start the next phase of a nearly 498% growth from the current price to this level.

Main image from Unsplash, chart from Tradingview.com