Is the Shiba Inu on the verge of a gigantic price increase?

If we can believe the analysts at BeInCrypto, Shiba Inu (SHIB) is on the verge of a gigantic breakout. The memecoin is currently trying to break out of a bullish pattern, which could temporarily send Shiba Inu to the moon.

For the time being, Shiba Inu has made a fairly modest gain of 2.73 percent over the past 24 hours.

Huge market cap

This increase brings the SHIB price to $0.00002863 and what makes that price special is that Shiba Inu has a market cap of $16.87 billion.

How much money is that?

ABN AMRO, for example, has a market cap of $15.15 billion. This means that Shiba Inu is currently worth more than the entire ABN AMRO company. To be honest, of course that doesn’t make any sense.

In principle, there is nothing fundamentally underlying Shiba Inu that gives the project value and certainly not a market cap that is higher than that of ABN AMRO.

Yet that is the case and at the most random moments coins like SHIB suddenly skyrocket again. Now, however, BeInCrypto analysts predict an increase based on one indicator.

42% increase for Shiba Inu?

The indicator in question for Shiba Inu is a symmetrical triangle on the daily chart of the memecoin.

That symmetrical triangle is now approaching a breakout moment for Shiba Inu. If it manages to break out, the coin could reach a price of $0.00004205, according to BeInCrypto analysts, which would represent an increase of about 42 percent from current levels.

To achieve this, Shiba Inu is probably dependent on Bitcoin. What you usually see is that all altcoins move in tandem with the Bitcoin price.

Is Bitcoin Rising? Then altcoins also rise and the same applies vice versa.

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