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- Shiba Inu (SHIB) is setting up for a breakout with one key scenario holding the potential to see the memecoin reach $0.00003.
- A double bottom pattern, “W” shape, could see SHIB break the $0.000029 resistance, helping build bullish momentum to recent highs.
The Shiba Inu community “the SHIBArmy” is anticipating a SHIB price breakout soon. The community points to a technical setup that could see the memecoin return to its recent highs. Experts have identified the double-bottom pattern characterized by its ‘W’ shape. This is a key sign of a price reversal soon.
Investors will be eyeing the $0.000029 resistance level. If broken, the bulls must sustain the bullish momentum to confirm the reversal.
At the time of writing, SHIB is trading for $0.00002910 after a 3% surge in the last 24 hours. This increase has helped the memecoin flip its bearish narrative and is now up by 1.5% in the last 7 days. Investors recently took a hit, falling in pattern with Bitcoin’s price drop.
The price of Bitcoin has staged a comeback at the start of the week, adding nearly 5% to trade above $72,300. With less than 13 days to go until the next Bitcoin halving. Experts are confident that the digital asset will revisit its all-time high of $75,000 and potentially reach a new all-time high of $100,000 before the end of the year.
A majority of altcoin’s price movement is tied to Bitcoin and the general bullish sentiments around the crypto king are fueling the entire crypto market. During the recent dip, notable activity around SHIB whale addresses showed that investors were taking advantage of the discount prices to accumulate more tokens ahead of a possible breakout. Data revealed a 436% surge in large transactions increasing from 1.4 trillion SHIB to 6.11 trillion SHIB last week.
Shiba Inu (SHIB) Setting up for a Parabolic Rally
As CNF recently reported, Shiba Inu is the most traded crypto on WazirX, India’s largest crypto exchange by trading volume. In the first quarter, Shiba beat Bitcoin and other meme coins. Furthermore, SHIB has emerged as the most sought-after cryptocurrency in Europe.
Helping drive SHIB price is the surging SHIB burns. Data from the SHIB burn tracking website Shibburn shows that the burning rate has recorded a 260% surge in the last 24 hours. This brings the total number of burnt tokens to 410,724,758,795,332 SHIB.
Additionally, renowned analysts like ‘Rekt Capital’ and Xanrox suggest that Shiba Inu (SHIB) might replicate its remarkable 2021 bull run.
These indicators show that the stage is set for SHIB to go on a parabolic rally in the coming weeks and months. It will be crucial for bulls to flip recent resistance levels into local support which will help catapult prices to all-time highs. Earlier this year, Shiba Inu’s lead developer, Shytoshi Kusama, backed a bold claim that the meme coin could hit a $100 billion market cap. At the time of writing, SHIB has a market cap of $17.1 billion.
