- After a correction period, SHIB increased by 8% in just 24 hours
- Most metrics supported the possibility of a 100% price increase.
Shiba Inu [SHIB] The bulls took control of the market as the price of the token increased dramatically in the past few hours. However, this could be the tip of the iceberg, as if the latest data is anything to go by, SHIB could be gearing up for a massive 100% price surge in the coming weeks.
Shiba Inu bulls buckle up
After a month of sustained price corrections, the memecoin price chart finally saw some green thanks to Bitcoin’s recovery. According CoinMarketCapSHIB price appreciated by more than 8% in 24 hours, injecting a lot of optimism into the market.
The price increase also had a major impact on SHIB’s social metrics, as its social volume increased last week. Furthermore, its weighted sentiment increased on the charts. Simply put, bullish sentiment seemed to have regained its dominance in the market as the value of SHIB rose.
This outcome seems likely as the memecoin price was moving within a bullish flag pattern, at the time of this publication. World of Charts, a popular cryptanalyst, recently shared a https://twitter.com/WorldOfCharts1/status/1786413697549627854?t=IsWcbxSAQPimF9aTDni8kA&s=19 about this pattern. Likewise, if SHIB manages to break out of the pattern, it could result in a 100% to 120% rally in the coming weeks.
Shiba Inu has more to offer
The possibility of a 100% bullish rally turning into reality increased when AMBCrypto verified Glassnode data. We found that memecoin’s network-to-value ratio (NVT) fell in the past few days.
A drop in the metric means that an asset is undervalued, suggesting a price increase in the short term.
Aside from this, investor confidence in SHIB remained high as buying pressure on the altcoin increased. Shiba Inu’s supply on exchanges fell slightly while its off-exchange supply increased, indicating that buying pressure on the meme coin was high.
Our look at CryptoQuant data He also revealed that investors have been buying SHIB as their foreign exchange reserves fell.
Some indicators seemed to support the idea that a rally would continue.
For example, the MACD projected the possibility of a bullish crossover. The Relative Strength Index (RSI) also recorded a rally and at the time of publication, it had a value of 49.7.
AMBCrypto then checked Hyblock Capital data to find the immediate targets that SHIB could hit down the road if it initiates a 100% rally. According to our analysis, it will be crucial for SHIB to break above $0.000025 to maintain the same level.
Read Shiba Inu [SHIB] Price prediction 2024-25
If it manages to achieve this, then the next possible target could be $0.000027 as the liquidation would increase sharply at that level. A successful breakout above that level could allow SHIB to reach $0.00003 soon.
Next: Bitcoin Price Surge to $64,000 – Whales Had THIS Role to Play Here
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