Shiba Inu Could See Over 200% Price Surge by Next Month, Chart Signals Potential Breakout

May 27, 2024

Shiba Inu ($SHIB) could experience a dramatic price surge of over 200% by next month, according to a recent prediction, while a critical chart pattern signals a potential breakout, capturing the attention of traders and investors.

As SHIB approaches this pivotal moment, market sentiment and predictive indicators point toward significant upward momentum for the world’s second-largest meme coin.

Chart Analysis Indicates Potential Breakout

The SHIB/USDT trading pair, shared by a Trading View market trader who uses the handle ashishhc, showed the trading pair consolidating within a descending triangle pattern, a formation typically considered bearish. However, current chart analysis suggests the potential for a significant upward breakout. The descending triangle is characterized by a series of lower highs and a flat support level, creating a triangle shape as seen in the accompanying chart.

Key Support and Resistance Levels

Shiba Inu is currently testing critical support and resistance levels. Key support levels are marked at 0.00001070, 0.00002811, and 0.00003908 USDT, while potential resistance targets lie at 0.00005059, 0.00006243, 0.00007522, and 0.00009000 USDT. A breakout above the resistance trend line could propel SHIB toward these upper levels, indicating a strong bullish trend.

Volume and Market Activity

Trading volume, depicted by the volume bars at the bottom of the chart, indicates significant investor interest during key movements. Recent spikes in volume suggest heightened market activity as SHIB approaches the apex of the descending triangle. Increasing volume toward the apex often signals a potential breakout direction.

Moving Averages Indicate Consolidation

The presence of moving averages shows that SHIB is in a consolidation phase, with the price hovering around these averages. Moving averages help smooth out price data to identify the trend direction, indicating a period of indecision in the market, often preceding a major move.

Price Prediction

A recent price prediction by Coincodex, a cryptocurrency trading platform, said that the price of Shiba Inu is expected to rise by 229.03% and reach $0.00008086 by June 26. Coincodex’s technical indicators show a neutral sentiment, while the Fear & Greed Index is at 74 (Greed). Shiba Inu recorded 12 out of 30 (40%) green days with 4.18% price volatility over the last 30 days. Based on this forecast, it is now considered a good time to buy Shiba Inu.

As of 12:57 a.m. ET on Monday, Shiba Inu (SHIB) was trading at $0.000025, with a 24-hour trading volume of $302,481,652. Despite a minor 0.82% dip in the last 24 hours, SHIB has seen a 1.17% increase over the past seven days. However, the cryptocurrency has experienced a 1.59% decline over the last 30 days. Shiba Inu currently boasts a market cap of $14,493,368,013, with a circulating supply of 589,271,850,586,731 SHIB, according to the latest data from CoinMarketCap.

A word of caution here: The analysis and forecast reported here are not to be treated as investment advice. If you are investing in crypto, make sure to do your own research.

Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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