Ethereum-based Shiba Inu Price Flashes Buy Signal, SHIB Could Rally 210%

Shiba Inu price rose on Friday as it rallied alongside other altcoins. Its rally also coincided with the Ethereum breakout to $2,400 for the first time since March this year. SHIB Coin has formed a highly bullish harmonic chart pattern, pointing to an eventual 210% surge to $0.0000458.

Shiba Inu Harmonic Chart Pattern Points to a 210% Surge

The weekly chart pattern shows that the Shiba Inu price may have bottomed and that it was getting ready for a 210% increase to its 2024 high of $0.000045.

First, the coin bottomed at $0.00001042 in April, a price that coincided with the ascending trendline linking the lowest level since June 2023. It has failed to drop below that trendline at least three times since then.

Second, it has formed a highly popular continuation harmonic chart pattern known as XABCD. This pattern comprises of five phases with four legs: XA, AB, BC, and CD. In Shiba Inu’s case, the first one happened between March and August last year.

The bullish AB phase happened between August and December, while the BC phase took place between December and April this year. It is now embarking on the final CD phase that may push it to its 2024 high, up by 210% from the current level.

Shiba Inu price will likely face resistance at $0.00003346, which is the neckline of the double-bottom pattern at $0.00001042, the AC phase. This initial target is about 120% above the current level.

The bullish SHIB price forecast will be cancelled if the coin drops below the important support at $0.00001042. If this happens, the next point to watch will be at $0.000005965, its lowest level in June 2023.

SHIB Coin to be Boosted by Ethereum Price Surge

The bullish SHIB Coin price prediction will become more possible if Ethereum continues rising. ETH was one of the best-performing coins in the crypto market today as it neared the key milestone of $2,500, up from $1,380 in April.

In most cases, meme coins in a certain chain do well when the chain’s coin is rising. For example, recently, Solana and most of its meme coins recovered in sync. As such, there is a likelihood that SHIB will rise if Ethereum continues its momentum.

Odds of ETH continuing its surge have risen as it flipped the important resistance at $2,135, the neckline of the double-top pattern. Per Polymarket, odds of ETH hitting $4000 have risen to 34%, while $5,000 have jumped to 25%.

Shiba Inu price has more catalysts, such as its growing burn rate, and the total value locked of Shibarium, its layer-2 network.

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crispus

Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.