Shiba Inu (SHIB) is currently at a crucial point, as per recent technical analyses. Following a strong rally, the coin is now testing important support levels that could shape its short-term path.
On the daily SHIB/USDT chart, it’s observed that the meme coin is consolidating above the 200-day Exponential Moving Average (EMA), a substantial support level. In the past, a successful retest of this level has often led to upward price movements.
SHIB: Potential 12% Surge with Technical Bullish Signals
The current consolidation phase around the critical support level near $0.0000084 is being viewed by some as a platform for future gains in Shiba Inu (SHIB). Analysts predict a bullish continuation that could lead to a noteworthy 12% upswing in the upcoming weeks. This optimism is reinforced by SHIB’s trading position above both the 50-day and 100-day moving averages, indicating a robust uptrend with room for further expansion.
Moreover, the sustained pricing above these moving averages and the potential formation of a “golden cross” — a bullish signal where the 50-day moving average surpasses the 200-day moving average — adds weight to expectations of an imminent price rally. Although the golden cross is typically considered a lagging indicator, investors often interpret it as confirmation of a robust bull market on the horizon.
In addition to these factors, the stability of the Relative Strength (RS) and increased trading activity are being highlighted as favorable conditions for SHIB’s potential price rally. These indications suggest that the coin is displaying compelling signs of a bullish breakout, with the potential for a substantial surge estimated at around 12%.
While the meme coin market is known for its volatility, the current technical patterns and support levels contribute to a cautiously optimistic outlook for SHIB. Investors and traders are closely monitoring the situation, particularly for a confirmed breakout above the 200-day SMA, which could mark the beginning of the anticipated climb.
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