Shiba Inu (SHIB) Price Targets 60% Gain After Bullish Breakout Signals
The second-largest meme coin, Shiba Inu (SHIB), is poised for a potential breakout, with analysts predicting up to 60% gains. Currently, SHIB's price is down 1.10%, but on-chain metrics and technical charts indicate a possible turnaround.
Potential Bullish Pattern
Crypto analyst Ali Martinez identified a bullish pattern forming in Shiba Inu, specifically a bull flag. If SHIB surpasses the key resistance level of $0.000025, it may target $0.000037, suggesting a 60% gain could occur within a week.
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Courtesy: Ali Charts
Martinez noted that 1.67 trillion SHIB were withdrawn from exchanges in the past 24 hours, reflecting long-term investors' confidence. A similar spike previously resulted in a 62% price surge, indicating the current trend might signal another rally.
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Courtesy: Ali Charts
Despite achieving 36% monthly gains, SHIB's performance lags behind peers like Dogecoin (DOGE) and Pepe Coin (PEPE), which saw over 100% increases. The gap between SHIB and Dogecoin has widened, despite SHIB maintaining its position as the second-largest stablecoin.
Shiba Inu Price Movement
Currently priced at $0.00002545, SHIB has declined by 15% since its peak on November 12. Analysts such as $SHIB KNIGHT and $SHIB MORTAL believe the charts indicate a strong potential for a breakout.
SHIB recently achieved a Golden Cross on its daily chart, where the 50-day Simple Moving Average crossed above the 200-day SMA, a bullish indicator following a previous death cross in July that preceded a significant price drop.
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Courtesy: TradingView
If Shiba Inu maintains support at $0.0000023, upward momentum may continue. Analyst Ibrahim Ajibade suggested that a breakout above the Donchian Channel at $0.00003045 could lead to a more bullish scenario for SHIB.
Shiba Inu appears well-positioned to catch up with Dogecoin's gains, supported by strong on-chain and technical indicators.