Shiba Inu Sees 8% Daily Surge With Potential for 110% Rally
Shiba Inu (SHIB), the second-largest memecoin by market capitalization, experienced an 8% daily increase following Bitcoin's rise to $70,000. The token is attempting to recover a critical resistance level that may lead to a potential 110% price rally.
Shiba Inu Price Surge Potential
Shiba Inu's recent performance showed declines across several timeframes. Following a market pullback, SHIB retraced 13% to a weekly low of $0.00001632 on November 3. Since then, it has bounced back 12%, recovering the $0.000018 resistance level on Thursday. The token's movement correlates with BTC's rebound above $70,000, pushing SHIB past the $0.00001855 resistance before retracing.
Daily trading activity for SHIB increased by 67%, achieving a volume of nearly $730 million in the past 24 hours. Analysts suggest the token is gearing up for a significant rally. Analyst Globe of Crypto noted SHIB's positive outlook as it prepares to retest the resistance of the Descending Broadening Wedge pattern.
According to Globe of Crypto, if the 1-day candle exceeds the $0.000019 resistance level, SHIB could break out from this formation, reminiscent of its previous 136% rally in early March. A successful breakout could initiate a "100-110% bullish wave," targeting the $0.000040 zone.
Targeting $0.000081
Crypto analyst Javon Marks predicts a 351% increase toward SHIB's all-time high. He observed that Shiba Inu broke out of a multi-month falling wedge pattern in early 2024, which propelled prices toward Q1 highs. Despite a 70% correction from its year-high of $0.000043, SHIB maintained above breakout levels, indicating a bullish pattern confirmed by the RSI on the daily chart. Marks estimates the next target at $0.000081.
Another analyst, Investing Haven, supports a positive outlook for Shiba Inu, asserting that current levels do not indicate long-term trend violations. They emphasize the importance of maintaining support between the $0.0000133 and $0.00001444 range, with a need to reclaim the $0.000020 mark for continued upward momentum.
As of now, SHIB is trading at $0.00001828, reflecting an 8% increase in the daily timeframe.
