- The Shiba Inu has gained nearly 10% over the past seven days.
- Most market indicators supported the possibility of a bullish breakout.
Shiba Inu [SHIB] We had a comfortable week as prices rose by double digits. However, the trend has changed in the past 24 hours due to bear intervention.
However, investors should not lose hope as SHIB may just be preparing for another bull market in the near future.
Shiba Inu’s bullish movements
CoinMarketCap data It was revealed that the price of Shiba Inu dogs has increased by nearly 10% in the past seven days. The scenario has changed as the meme coin has fallen by nearly 3% in the past 24 hours.
At the time of writing, SHIB was trading at $0.00002386 and had a market capitalization of over $14 billion.
It was surprising to note that despite the weekly price increase, the sentiment around SHIB turned bearish as the weighted sentiment entered the negative zone.
Social volume has also decreased, indicating a decline in popularity.Apart from this, AMBCrypto also report SHIB’s Layer 2 Sibarium has seen a 97% reduction in transactions.
Source: Santiment
Nevertheless, the bearish trend in price may not last long as a bullish pattern has appeared on the charts of SHIB. Memecoin entered a bullish flag pattern in early March and has been consolidating within it ever since.
At the time of writing, SHIB is testing its resistance, and a breakout of the flag pattern could lead to another major bull run in the coming days.
Source: TradingView
Is a breakout inevitable?
AMBCrypto then analyzed Santiment’s data to see what indicators were pointing to a breakout. We see that the selling pressure on SHIB is increasing slightly.
This was the case as the supply of SHIB on exchanges increased.
Another bearish indicator is the MVRV ratio, which has declined over the past few days. However, the whales appeared to be accumulating as the supply of Shiba Inu held by top addresses increased slightly.
Source: Santiment
Several market indicators remain bullish on SHIB, supporting the possibility of a successful breakout. For example, the Money Flow Index (MFI) recorded a sharp increase.
Chaikin Money Flow (CMF) also became bullish as it moved north. However, the Relative Strength Index (RSI) supported the bears.
Source: TradingView
read Shiba Inu [SHIB] price prediction 2024-2025
AMBCrypto then analyzed Hyblock Capital’s data to look for potential targets for SHIB in the event of an actual breakout. According to our analysis, if a breakout occurs, SHIB price could initially reach $0.000026.
At that level, memecoin is likely to witness a slight price correction due to increased liquidations. If we break out of this level, SHIB could reach $0.00003 in the coming weeks.
Source: Hyblock Capital
