Shiba Inu Price Analysis Hints 35% Upside as Buyers Break 50-Day Consolidation

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As an experienced analyst, I believe Shiba Inu (SHIB) is poised for significant gains based on its current price action and market conditions. The meme coin sector has gained additional momentum with Bitcoin’s price crossing the $67,000 threshold. This bullish trend in the cryptocurrency market could potentially propel SHIB to new heights.

Shiba Inu Finds Itself at a Bullish Juncture among Meme Coins: The surge of momentum in the meme coin market, spearheaded by Shiba Inu, is noteworthy as Bitcoin surpasses $67,000. This development suggests an imminent trend reversal for Shiba Inu, with Bitcoin’s post-halving rally potentially pushing the token past its current value of $0.000014. Will a new wave of buying propel Shiba Inu to breach the $0.000024 mark and reach its $14.4 billion market cap?

SHIB Eyes $0.00003285 with Pattern Breakout and Increased Demand

Shiba Inu Price Analysis Hints 35% Upside as Buyers Break 50-Day Consolidation

The decreasing price trend of SHIB hints strongly at an impending reversal as the larger market recovers. Following a surge of 13% in just the past six days, this popular meme coin appears to have reached the end of its correction phase and is exhibiting a pattern breakout.

I’ve noticed an uptick in price action that has surpassed the resistance trendline, indicating a potential symmetrical triangle breakout for Shiba Inu. Additionally, this cryptocurrency appears to have formed a double bottom reversal with a neckline at $0.0000262.

With growing underlying demand, the multiple breakout patterns indicate a possible bull market for SHIB. This is due to the built-up energy within the pattern that could propel the price upward in the near future.

At present, the SHIB token is priced at $0.0000245 on the market, reflecting a 2.1% decrease after experiencing a 1.83% rise in the previous 24 hours.

Based on current market trends, the triangle formation in the price of this cryptocurrency indicates a strong possibility for it to hit the $0.000028 mark by the end of this month. With positive market conditions and continued upward momentum, there is an optimistic outlook that the uptrend could extend further, potentially reaching as high as $0.00003285.

From a different perspective, a broader market correction could potentially drive the value of meme coins down to below $0.00002.

Technical Indicator:

  • Exponential Moving Average: The bullish crossover in the 20 and 50 day EMAs will put the crucial average lines in a positive alignment.  
  • Directional Movement Index: An uptick in the DMI line reflects a rise in the trend momentum with the triangle breakout. Further, the VI lines are in a positive alignment projecting a bullish phase in motion. 

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2024-05-18 21:10