Shiba Inu (SHIB) Gearing Up For Massive Bullish Wave Following 8% Daily Surge, 110% Rally Ahead?

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market cycles and trends. However, the world of cryptocurrencies continues to surprise me with its volatility and potential for exponential growth.

Shiba Inu (SHIB), the second-largest digital coin based on memes by market value, experienced a 8% increase in value today, coinciding with Bitcoin‘s rise to $70,000. As the market fluctuates wildly, SHIB is attempting to reclaim a significant resistance point that could potentially trigger a 110% price rally.

Shiba Inu To See 110% Surge Soon

Lately, Shiba Inu’s performance has been showing decreases across various periods. After the latest market downturn, Shiba Inu (SHIB) dropped by 13% to reach its lowest weekly level of $0.00001632 on November 3.

Despite dropping 12% from its lowest price over the past week, the token has managed to surpass the $0.000018 resistance level on Thursday, suggesting a recovery. The upward momentum of SHIB appears to be driven by Bitcoin’s recent surge back towards the $70,000 mark, which temporarily pushed the memecoin over the $0.00001855 resistance before experiencing a pullback.

Additionally, the token’s daily engagement spiked by approximately 67%, with a massive trading volume of around $730 million over the last 24 hours.

Certain analysts have pointed out Shiba Inu’s recent trends, hinting at an imminent significant surge in the near future. According to Analyst Globe from Crypto, SHIB appears primed to challenge the resistance level within the Descending Broadening Wedge configuration, indicating a potentially bullish outlook.

According to the article, if the one-day candle exceeds the $0.000019 barrier, this memecoin might experience a breakout from its current pattern. This area was a vital rebound point for Shiba Inu’s significant 136% increase in early March.

From my perspective as a crypto investor, if we manage to surge past this current level with strength, it might ignite a “bullish wave” of around 100-110%. This upward momentum could potentially carry the price towards the $0.000040 region.

Is $0.000081 The Next Big Target?

According to crypto expert Javon Marks, there’s a strong possibility that the value of Shiba Inu could spike by an impressive 351%, potentially reaching its record highs. Marks pointed out that Shiba Inu had broken free from a long-term descending trend line pattern, known as a falling wedge, in early 2024. This breakout propelled the coin’s price back up to where it was at the beginning of the first quarter.

After hitting a high of $0.000043 earlier in the year, the memecoin entered into another prolonged falling wedge formation and dropped by approximately 70%. However, towards the end of Q3, it managed to break free from this pattern, leading to a significant 58% surge over the following month.

Despite the recent market retrace, the analyst notes that Shiba Inu held above the breakout levels, confirming “a bull pattern with the RSI on the daily chart.” Marks considers that the memecoin’s next leg up is in its early stage, setting the rally’s target at $0.000081.

Likewise, another market observer expressed optimism towards Shiba Inu’s price. Analyst Investing Haven opined that the current prices of SHIB do not signal worry because “there is no breach of the long-term trend.

For the analyst, it’s important to keep an eye on the memecoin’s price movement within the range of $0.0000133 to $0.00001444, as dipping below this support zone might indicate a change in trend. On the other hand, for Shiba Inu to maintain its upward momentum, it needs to regain the $0.000020 level.

As of this writing, SHIB is trading at $0.00001828, an 8% surge in the daily timeframe.

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2024-11-06 16:16