Shiba Inu (SHIB) Gearing Up For Massive Bullish Wave Following 8% Daily Surge, 110% Rally Ahead?
Shiba Inu (SHIB), the second-largest memecoin by market capitalization, has seen an 8% daily surge following Bitcoins surge to $70,000. Amid the market volatility, the token is trying to recover a key resistance level, which could propel the price to a 110% rally.
Shiba Inu To See 110% Surge Soon
Shiba Inus recent performance saw the cryptocurrency display red numbers in several timeframes. Following the markets most recent pullback, SHIB retraced 13% to its lowest weekly mark of $0.00001632, registered on November 3.
However, the token has bounced 12% from its lowest seven-day price, recovering the $0.000018 resistance level on Thursday. SHIBs performance is seemingly fueled by BTCs recent jump back to the $70,000 mark, which sent the memecoin above the $0.00001855 resistance before retracing.
Moreover, the tokens daily activity increased 67% in the past 24 hours, seeing a daily trading volume of nearly $730 million.
Some market watchers highlighted Shiba Inus recent performance, suggesting that the token is preparing for a massive rally in the coming days. Analyst Globe of Crypto stated that SHIB is looking positively to retest the resistance of the Descending Broadening Wedge pattern.
Per the post, if the 1-day candle surpasses the $0.000019 resistance level, the memecoin could see a breakout from the formation. This zone was a crucial bounce level for Shiba Inus 136% rally in early March.
As a result, the analyst considers that a successful breakout and reclaim of this level could start a 100-110% bullish wave, which could propel the price toward the $0.000040 zone.
Is $0.000081 The Next Big Target?
Crypto analyst Javon Marks predicted a 351% surge toward SHIBs all-time high (ATH) levels. The analyst noted that Shiba Inu broke out of a multi-month falling wedge pattern in early 2024, which sent the price toward Q1 highs.
Since then, the memecoin moved within another multi-month falling wedge formation after registering a 70% correction from its year-high of $0.000043. SHIB broke out of this pattern around the end of Q3, kickstarting the tokens one-month 58% rally.
Despite the recent market retrace, the analyst notes that Shiba Inu held above the breakout levels, confirming a bull pattern with the RSI on the daily chart. Marks considers that the memecoins next leg up is in its early stage, setting the rallys target at $0.000081.
Similarly, another market watcher shared his positive outlook for Shiba Inus price. Analyst Investing Haven suggested that SHIBs current levels are not a cause for concern since theres no long-term trend violation.
To the analyst, the memecoins levels to watch are between the $0.0000133-$0.00001444 prince range, as losing this support zone could signal a trend shift. However, Shiba Inu must reclaim the $0.000020 mark to continue its ascending trajectory.
As of this writing, SHIB is trading at $0.00001828, an 8% surge in the daily timeframe.
Text source: NewsBTC
