In the past few days, the crypto market has witnessed significant price increases in several tokens, including Shiba Inu (SHIB). The popular meme token has been on a strong rally, with its price surging by around 20% in the past 24 hours. Is SHIB ready for a 100% price rally? Letâs take a look at the technical analysis and price prediction to find out.
SHIB Price Surges 20% in Last 24 Hours
SHIB price is now trading at $0.00001900, having surged around 20% in the past 24 hours. Shiba Inu, the second-largest meme token, rallied strongly to $0.000017, driven by a 1,522% surge in Shibarium fees, which jumped from 27 to 438.
SHIB Successfully Breaks Descending Parallel Channel
SHIB managed to break out of a descending parallel channel after facing rejection near the yearly high. A long bullish candle formed after this breakout, indicating the return of strong bullish momentum.
Double-Bottom Pattern Shows Potential for Further Rally
The price action completed a double-bottom pattern, breaking through the neckline at $0.000016, marking the highest swing since August 24. This pattern suggests the potential for further rally, especially if SHIB manages to break through the key psychological level of $0.0000200.
Resistance near 200-Day Moving Average and Key Psychological Levels
Buyers may face resistance near the 200-day Moving Average and the key psychological level of $0.0000200. If SHIB manages to break above $0.000020, it could lead to a further 100% rally in the coming weeks.
Price Prediction
If SHIB manages to cross $0.000020, the price may surge by 100% in the coming weeks.
However, if SHIB fails to cross $0.000020, the price may undergo a correction before continuing the rally.
Thus, SHIB seems poised for a 100% price rally in the coming weeks. However, it is important to remember that the crypto market is highly volatile and can change rapidly. Therefore, it is important to conduct technical and fundamental analysis before making any investment decisions.
