#SHIB Stronger Than Ever, Bulls Poised to Propel SHIB Price Up By 90%🤯
Amidst the resurgence of interest in meme coins, fueled by the Bitcoin price reversal injecting vigor into the crypto market, SHIB price is witnessing a reversal rally. Exhibiting a low volatility uptrend, albeit at a more conservative pace compared to previous movements, the meme coin is steadily progressing.
A breakout from a bullish pattern in a smaller timeframe augurs well for a potential bull run in Shiba Inu, heightening optimism. This breakout rally aligns with the long-term anticipation outlined in our Shiba Inu price prediction, forecasting a substantial surge of over 100%.
Analyzing the 4-hour timeframe, the notable bull run earlier this month experienced a minor pullback, forming a wedge formation. In the broader context, the SHIB price action has formed a bullish flag pattern.
The downturn in the meme coin's price found support at the $0.000024 mark, acting as a springboard. This rebound propelled Shiba Inu past the overhead resistance trendline, signaling a bullish breakout rally.
However, the current bullish reversal maintains a cautious pace, registering a 16% increase over the last four days. Despite this uptrend, SHIB price has formed four consecutive bullish candles on the daily chart, with the fifth in progress.
Presently, the meme coin is trading at $0.00003096, with an intraday growth of 1.04%. Nonetheless, the presence of a potential supply wave at higher levels is indicated by the formation of long wicks.
Technical Indicators:
MACD Indicator: In the 4-hour timeframe, the MACD and signal lines sustain a bullish trend following a bullish crossover, indicating significant underlying support for the breakout rally.
RSI: The daily RSI line demonstrates a positive trend, rising towards the overbought boundary line.
Can SHIB Price Reclaim $0.000050?
With the ongoing breakout rally, SHIB price maintains an uptrend fueled by rising underlying demand. However, overcoming overhead supply and the resistance zone at $0.00003802 could pose significant hurdles.
