- Shiba Inu has increased by almost 10% in the last seven days.
- Most market indicators support the possibility of a bullish breakout.
Shiba Inu (SHIB) had a comfortable week as its price increased by double digits. However, the trend has changed in the last 24 hours with the arrival of the bears.
But investors should not lose hope as SHIB could soon be gearing up for another bullish rally.
The Shiba Inu Bullish Movement
CoinMarketCap data revealed that the price of the Shiba Inu has increased by almost 10% in the last seven days. The scenario changed in the last 24 hours as the same coin saw a drop of almost 3%.
At the time of writing, SHIB was trading at $0.00002386 with a market cap of over $14 billion.
It was surprising to see that despite the weekly price rise, the sentiment around SHIB turned bearish as its weighted sentiment entered the negative zone.
Her social volume also dropped, signaling a decline in her popularity. Apart from this, AMBCrypto also reported that SHIB’s Layer 2 Shibarium saw a 97% drop in transactions.
Source: Santiment
Nonetheless, the downtrend in price might not last as an uptrend has appeared on the SHIB chart. The meme coin entered a bull flag pattern in early March and has been consolidating there since then.
At press time, SHIB was testing its resistance, and a breakout of the flag pattern could lead to another massive bullish rally in the coming days.
Source: TradingView
Is an escape inevitable?
AMBCrypto then analyzed Santiment data to see what metrics suggested a breakout. We noticed that the selling pressure on SHIB increased slightly.
This was the case as the supply of SHIB on exchanges increased.
Another bearish metric is the MVRV ratio, which has been declining in recent days. However, the whales appeared to be piling up, as the Shiba Inu supply held by major addresses increased slightly.
Source: Santiment
A few market indicators remained bullish on SHIB and supported the possibility of a successful breakout. For example, the Money Flow Index (MFI) recorded a sharp increase.
The Chaikin Money Flow (CMF) also turned bullish as it headed north. But the Relative Strength Index (RSI) supported the bears.
Source: TradingView
Read Shiba Inu (SHIB) Price Prediction 2024-2025
AMBCrypto then analyzed data from Hyblock Capital to look for possible targets for SHIB if a breakout actually occurred. According to our analysis, SHIB price could first reach $0.000026 in the event of a breakout.
At this level, the meme coin could experience a slight price correction as liquidation increases. A break above this level could see SHIB reach $0.00003 in the coming weeks.
Source: Hyblock Capital
News Source : ambcrypto.com
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