- Shiba Inu was up by nearly 10% over the last seven days.
- Most market indicators supported the possibility of a bullish breakout.
Shiba Inu [SHIB] had a comfortable week as its price rallied by double digits. However, the trend changed in the last 24 hours as bears stepped in.
But investors shouldn’t lose hope, as SHIB might just be preparing for yet another bull rally soon.
Shiba Inu’s bullish move
CoinMarketCap’s data revealed that Shiba Inu’s price surged by nearly 10% in the last seven days. The scenario changed in the last 24 hours as the meme coin witnessed a drop of nearly 3%.
At the time of writing, SHIB was trading at $0.00002386 with a market capitalization of over $14 billion.
It was surprising to note that despite the weekly price gain, sentiment around SHIB turned bearish as its Weighted Sentiment went into the negative zone.
Its Social Volume also dropped, signaling a dip in its popularity. Apart from this, AMBCrypto also reported that SHIB’s layer-2 Shibarium witnessed a 97% drop in transactions.
Source: Santiment
Nonetheless, the bearish price trend might not last, as a bullish pattern appeared on SHIB’s chart. The meme coin entered a bullish flag pattern at the beginning of March and has consolidated inside it since then.
At press time, SHIB was testing its resistance, and a breakout of the flag pattern could result in yet another massive bull rally in the coming days.
Source: TradingView
Is a breakout inevitable?
AMBCrypto then analyzed Santiment’s data to see what metrics had to suggest regarding a breakout. We found that selling pressure on SHIB increased slightly.
This was the case as SHIB’s Supply on Exchanges increased.
Another bearish metric was the MVRV ratio, which declined in the last few days. However, whales seemed to have been accumulating, as Shiba Inu’s supply held by top addresses went up marginally.
Source: Santiment
A few of the market indicators remained bullish on SHIB and backed the possibility of a successful breakout. For instance, the Money Flow Index (MFI) registered a sharp uptick.
The Chaikin Money Flow (CMF) also turned bullish as it went northward. But the Relative Strength Index (RSI) supported the bears.
Source: TradingView
Read Shiba Inu’s [SHIB] Price Prediction 2024-2025
AMBCrypto then analyzed Hyblock Capital’s data to look for possible targets for SHIB if a breakout actually happens. As per our analysis, SHIB’s price might first reach $0.000026 if a breakout happens.
At that level, the meme coin might witness a slight price correction as liquidation would rise. A breakout above that level could allow SHIB to touch $0.00003 in the coming weeks.
Source: Hyblock Capital