Shiba Inu Price Prediction As Social Volumes Skyrockets- Is SHIB Price About to Rally?

Shiba Inu (SHIB) is gaining today and performing better than most meme coins with its 5.28% increase in the last 24 hours to trade at $0.0000136. These gains are happening when the social volumes are also high, to display a massive growth in retail trading interest. Meanwhile, a bullish pattern has formed to suggest that the Shiba Inu price might record a 110% rally to its highest level since January.

Rare Pattern Signals 110% Shiba Inu Rally

After its impressive rally today, SHIB price might still be on a bullish path for weeks to come because of the double-bottom that is visible on the one-day chart. In most cases, this pattern indicates that a trend is about to favor bullish traders as the price enters a phase where it makes a series of higher highs.

However, this pattern will only play out as illustrated if the buying pressure grows and the rise that started from the second bottom continues to happen. Considering that Shiba Inu price is often faced with volatility from traders who are looking to sell after a brief rally to make profits, the uptrend might not be smooth, and this top meme coin might face multiple rejections from resistance before a rally forms.

The major sign that this 110% rally to the target of the double bottom will happen is if Shiba Inu can overcome the resistance at the 200-day SMA level of $0.0000147. If the price can move above this resistance and reach $0.000017, it will confirm the bullish thesis that more gains are in the making.

As aforementioned, the target following the breakout from the main resistance is $0.000029, which will mark a 110% surge from the current SHIB price. However, the only way that such a massive rally can happen is if the RSI continues to rise and make higher highs above 50.

Shiba Inu Price Analysis as 110% Rally Looms — SHIB/USDT: 1-day Chart (Source: TradingView)

This outlook supports a previous analysis by CoinGape stating that the SHIB price might be on the verge of a rally to $0.000030 because of an increase in whale buying and network activity.

Shiba Inu Social Activity Soars

The social volumes around the SHIB meme token are increasing, and this might also be among the factors that will support the bullish long term Shiba Inu price prediction. These volumes have risen to the highest level since January, after a 126% increase in the last 24 hours according to Santiment data.

This increase in volumes indicates that there are more people who are talking about SHIB, and if this continues, traders might begin to buy more coins and contribute to the buying pressure driving the rally.

Shiba Inu Price Outlook as SHIB Social Volumes Soar — SHIB Social Volumes (Source: Santiment)

One of the reasons behind this rise in volumes is the current upward trend in the Ethereum price, which has also performed better than Bitcoin (BTC) in the last 24 hours. As ETH gains, Ethereum-based meme coins are also in a good position to make a strong rally.

In summary, Shiba Inu price might be close to making a solid move to the upside, supported by buying interest from retail traders who will likely start buying because of the growing social volumes. The daily chart shows that the most likely path that the price could take is a 110% rally to $0.000029.

Frequently Asked Questions (FAQs)

Shiba Inu price is gaining today due to increased social volumes that are driving an increase in buying activity.

SHIB can sustain its current rally if the buying pressure remains strong and the gains seen across the market are sustained.

The rising social volumes are likely to have a bullish impact on the SHIB price performance as they show that retail traders might begin to accumulate.