Will SHIB Surge 40% Before Christmas?

Shiba Inu Price Prediction: With the meme coins going frenzy over the week, the Shiba Inu price trend gains momentum and continues to form a bullish pattern. The SHIB price has increased by 25% in the last ten days and continues the streak of bullish candles. Further, Bitcoin approaches the $45K mark and teases a stronger bullish spirit for the crypto market.

Also Read: Shiba Inu Burn Rate Soars 83000% As Whale Shifts 4 Tln SHIB

Shiba Inu Price Prediction: Can A Double Bottom Help SHIB Take Off Above $0.00001?

• Shiba Inu takes a remarkable leap and teases a rounding reversal making a double bottom pattern.
• The price of Shiba Inu jumps 52% to cross $0.000010 within 52 days and prepares a breakout rally. 
• The intraday trading volume of Shiba Inu is at $318,122,311 with a 10% jump.

The ongoing recovery trend in Bitcoin spikes the momentum not just for the meme coins but the entire altcoin sector. As the SHIB price continues the recovery rally, the buyers hatch a trend continuation pattern called the double bottom pattern. With the right bottom under construction, SHIB jumped 52% in the last 52 days to reach the psychological milestone of $0.000010. Further, with the drastic improvement in the last few days, traders have started to agree to the extra premium willingly.

Shiba Inu price approaches the bullish pattern’s neckline resistance—at $0.00001073 and teases a bullish breakout. The intensifying demand propelling the meme coin is evidently clear in the rising trend of the intraday trading volume.

Technical analysis reveals a powerful double-bottom pattern forming, and its potential breakout target appears increasingly attainable thanks to a recent bullish crossover on the MACD indicator. This suggests a significant shift in momentum, favoring upward movement.

The daily timeframe further strengthens this bullish outlook, revealing a robust technical structure. The MACD’s clear buy signal adds fuel to the fire, indicating strong upward momentum. 

However, traders must be cautious due to the presence of a higher price rejection as the long-range candles reflect a strong overhead supply. Therefore, the market participants must stay cautious of a bullish failure which may lead to a new correction phase. 

Is SHIB Price Heading to $0.000014?

The strong recovery spirits driving the bill run in the crypto market keep the correction chances to a minimum. Further, the bullish signals given by the momentum indicators support the breakout possibility and a new rally for Shiba Inu. 

Moreover, as long as the buyers uphold the dominance at the psychological mark of $0.00001, the meme coin will signal a breakout trend. In case of breakout, the price of Shiba Inu will skyrocket to the $0.000014 mark. Conversely, a reversal will signal strong correction but chances are slim. 

• Moving Average Convergence Divergence: As long as the MACD stays above the neutral zone, the path of least resistance remains firmly upward, paving the way for a potential breakout of the double bottom and its target.
• Relative Strength Index: the daily RSI line continues the bullish projected pathway close to the overnight zone, reflecting a high momentum uptrend.