As the interest in meme coins revives with the Bitcoin price reversal pumping energy in the crypto market, SHIB price shows a reversal rally. With a low volatility uptrend, compared to the previous moves, the meme coin is heading at a conservative speed.
With a bullish pattern breakout in a smaller timeframe, the chances of a bull run in Shiba Inu is increasing significantly. Further, the breakout rally aligns with the long-term anticipation of our Shiba Inu price prediction forecasting a massive jump of more than 100%.
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In the 4H timeframe, the remarkable bull run earlier this month took a minor pullback with a wedge formation. In the larger picture, the SHIB price action formed a bullish flag pattern.
The downfall in the meme coin’s price took support at the $0.000024 mark, acting as a launchpad. With this bounceback, Shiba Inu surpasses the overhead resistance trendline and signals a bullish breakout rally.
However, the limited speed of the bullish reversal is taking a conservative approach with a 16% jump in the last four days. With this uptrend, the SHIB price makes four consecutive bullish candles in the daily chart, with the fifth in making.
Currently, the meme coin is trading at $0.00003096 with an intraday growth of 1.04%. However, the long-wick formation projects a potential supply wave present at higher levels.
Technical indicators:
MACD indicator: In the 4H timeframe, the MACD and signal lines sustain a bullish trend post bullish crossover. Hence, the momentum indicator shows significant underlying support to the breakout rally.
RSI: The daily RSI line showcases a positive trend rising to the overbought boundary line.
Also Check Out: Shiba Inu And Pepe Coin Prices Rebound Amid A Surge In Key On-Chain Metric! What’s Next For SHIB And PEPE Price?
Will SHIB Price Reclaim $0.000050?
With the ongoing breakout rally, the SHIB price sustains an uptrend with rising underlying demand. However, the overhead supply and the resistance zone at $0.00003802 could prove key obstacles.
Nevertheless, the bullish trend could reach the $0.00005833 as per the trend-based Fibonacci level.
Sohrab Khawas
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he’s trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he’s not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
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