A bullish flag pattern emerged on Shiba Inu’s charts. A successful breakout could be good news.
- After a period of correction, SHIB surged by 8% in just 24 hours Most metrics supported the possibility of a 100% price hike
Shiba Inu’s [SHIB] bulls took control of the market as the token’s price surged dramatically over the last few hours. This might be the tip of the iceberg, however, as if the latest data is considered, SHIB might be preparing for a whopping 100% price hike in the coming weeks.
Shiba Inu bulls buckle up
After a month of sustained price corrections, the memecoin’s price chart finally saw some green on the back of Bitcoin’s recovery. According to CoinMarketCap, SHIB’s price appreciated by over 8% in 24 hours, injecting much optimism into the market.
The hike in price also had a major impact on SHIB’s social metrics, as its social volume rose last week. Additionally, its weighted sentiment surged on the charts. Simply put, bullish sentiment seemed to have regained its market dominance as SHIB’s value climbed.
Source: Santiment
This outcome seems likely as the memecoin’s price was moving inside a bullish flag pattern, at press time. World of Charts, a popular crypto-analyst, recently shared a tweet about this pattern. As per the same, if SHIB manages to break above the pattern, it could result in a 100%–120% rally in the following weeks.
Shiba Inu has more to offer
The possibility of a 100% bull rally translating into reality increased when AMBCrypto checked Glassnode’s data. We found that the memecoin’s Network to Value (NVT) ratio dipped over the last few days.
A drop in the metric means that an asset is undervalued, hinting at a price hike in the near term.
Source: Glassnode
Apart from this, investors’ confidence in SHIB remained high as buying pressure on the altcoin increased. Shiba Inu’s supply on exchanges dropped slightly while its supply outside of exchange went up, indicating buying pressure on the meme coin was high.
Our look at CryptoQuant’s data also revealed that investors have been buying SHIB as its exchange reserves dropped.
Source: Santiment
A few indicators seemed to support the idea of a rally sustaining itself.
For instance, the MACD projected the possibility of a bullish crossover. The Relative Strength Index (RSI) also registered an uptick and at press time, had a value of 49.7.
AMBCrypto then checked Hyblock Capital’s data to find the immediate targets SHIB might hit on the road if it initiates a 100% rally. As per our analysis, it will be crucial for SHIB to go above $0.000025 in order to sustain the same.
Read Shiba Inu [SHIB] Price Prediction 2024-25
If it manages to achieve that, then the next possible target could be $0.000027, as liquidation would rise sharply at that level. A successful breakout above that level could allow SHIB to hit $0.00003 soon.
Source: Hyblock Capital
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