- Shiba Inu forms a double-bottom pattern that suggests a bullish trend with a possible 110 percent price increase if resistance levels break.
- SHIB’s price growth is backed by a sharp 126% surge in social volumes, reflecting increased trader engagement and community attention.
- A breakout above the 200-day SMA and sustained RSI above 50 will likely confirm SHIB’s potential path toward the $0.000029 price target.
Shiba Inu recorded a 5.28% price increase over the past 24 hours to reach $0.0000136, outperforming many other meme coins. This rise comes amid a sharp increase in social activity, suggesting growing interest from retail traders. Data from Santiment confirms that SHIB’s social volume has risen by 126%, marking the highest level since January.
The daily chart reveals a clear double-bottom pattern, which often precedes significant bullish moves. If current buying pressure holds, SHIB may enter a phase of higher highs. Meanwhile, the coin needs to shatter through some resistance levels before any serious uptrend can continue. The second important price point is the 200-day Simple Moving Average (SMA) of 0.0000147.
Price Breakout Could Confirm Bullish Trend
A breakout above the 200-day SMA may confirm the optimistic expectations. An effective breakout might take the price up to 0.000017, and this would be the confirmation regarding the upward direction. Based on this level, a rally into the double-bottom price of 0.000029 would portray a rally of 110% of the existing levels.
The latest activity of SHIB associated with discussions indicates a rise in the interest of the market towards it. A further increase in volume could mean an increase in purchasing at retail. The resistance levels may be breached by the greater buying pressure, as the token is likely to increase in a steady fashion. The current price rise of Ethereum is also partially playing a role in boosting this activity as the Ethereum-based meme coins bask in the reflected glory.
Resistance and RSI Movement are Vital
The bullish structure notwithstanding, the trajectory of SHIB could be characterized by short-term rejections with reference to profit-seeking trends typical of meme tokens. The rally will be strong provided that the token has RSI levels higher than 50 and can create an upward momentum. Further increases are likely to be sponsored by the further general increase in the RSI.
On the whole, the price, technical signals, and increased network activity of the Shiba Inu indicate that the token may be awaiting a significant volatility break. Once major resistance is overcome and the retail involvement keeps gaining momentum, SHIB can approach its intended price of the $0.000029 mark within the next several weeks.
