Shiba Inu (SHIB) is attracting attention with its strong price action. The token is up 9.03% in the last 24 hours, reaching $0.00002579. Its market capitalization currently stands at $15.20 billion. This impressive performance has many wondering if a bullish breakout is ahead.
The SHIB/USDT trading pair shows a descending triangle pattern, a technical pattern often associated with price action. This pattern, characterized by narrowing support and resistance levels, suggests a potential breakout.
If SHIB breaks this triangle pattern, the price could surge as much as 46.39%, pushing the token price to a target near $0.00003500.
The consolidation pattern followed by an upward move shows strong buyer interest. This price action suggests that SHIB may be building a foundation for sustained growth.
Market indicators highlight positive sentiment
Technical indicators support the bullish sentiment around SHIB. The MACD shows a bullish crossover, with the signal line and the MACD line diverging in a positive direction, indicating bullish momentum.
Meanwhile, the RSI is at 59.25, reflecting a neutral-to-bullish stance. This suggests that while SHIB is not yet overbought, there is still room for upside.
Although 24-hour trading volume decreased by 21.87% to $1.43 billion, SHIB's trading volume to market capitalization ratio of 9.42% shows strong activity relative to the company's market capitalization.
SHIB’s uptrend is further supported by its steady gains throughout the day. Short corrections do not affect its overall bullish momentum. SHIB’s circulating supply of 589.26 trillion tokens and fully diluted valuation of $15.21 billion indicate growing interest in the asset.
