Shiba Inu eyes 110% rally to $0.000029 as a double-bottom pattern forms and social volumes soar to January highs, with SHIB up 5.28% today.
Shiba Inu (SHIB), which has increased by 5.28% over the past day to trade at $0.0000136, is doing better than most meme currencies today.
These increases demonstrate a significant increase in retail trading interest when social volumes are likewise substantial.
In the meantime, a bullish pattern has emerged, indicating that the price of Shiba Inus may rise by 110% to reach its highest point since January.
110% Shiba Inu Rally Signaled By Rare Pattern
Because of the double-bottom seen on the one-day chart, the price of SHIB may continue to rise for weeks to come despite its substantial gain today.
As the price moves into a phase that produces a string of higher highs, this pattern typically signals that a trend will shift in favor of bullish traders.
However, only if the purchasing pressure increases and the rally that began at the second low continues will this pattern materialize, as shown.
The uptrend may not be smooth, and this popular meme currency may see several rejections from resistance before a rally starts, given that the price of Shiba Inu is frequently subject to volatility from traders who want to sell after a brief gain to profit.
Shiba Inu’s ability to break over the barrier at the 200-day SMA level of $0.0000147 is a key indicator that this 110% rally to the double bottom objective will occur.
The bullish theory is that more imminent gains will be supported if the price can overcome this hurdle and hit $0.000017.
As previously said, a 110% increase from the current SHIB price is anticipated when the target reaches $0.000029 after the breakout from the primary obstacle.
However, such a massive rally occurs only if the Relative Strength Index (RSI) keeps rising and reaches higher highs above 50.
This prediction confirms a prior CoinGape study that suggested a surge in whale purchasing and network activity could be about to push the price of SHIB to $0.000030.
Social Activity Among Shiba Inus Increases
One element that may help sustain the optimistic long-term Shiba Inu price projection is the growing social volumes surrounding the SHIB meme currency.
According to Santiment data, these volumes have increased by 126% in the past day, reaching their highest level since January.
This rise in volume suggests that more people are discussing SHIB, and if this trend keeps up, traders may start purchasing more coins, which will add to the buying pressure and propel the surge.
The present rising trend in the price of Ethereum, which has outperformed Bitcoin (BTC) over the past day, is one factor contributing to this volume increase.
Ethereum-based meme coins are well-positioned to achieve a significant rally when ETH rises.
In conclusion, the price of Shiba Inus may be on the verge of a strong upward trend, bolstered by retail traders’ enthusiasm in purchasing, which is expected to increase due to the rising social volumes.
According to the daily chart, the price’s most likely course is a 110% climb to $0.000029.
