Shiba Inu surges 42% in 30 days, testing a double-bottom breakout pattern. Will it reach $0.0000252 by month-end?
Crossing above the $11 billion market cap, Shiba Inu is currently trading at $0.00001883. Over the past 24 hours, it has increased by 4.11%, constituting a 7-day return of 11.47%.
As the bullish trend gains momentum—with Bitcoin’s price crossing above $68,000—Shiba Inu has risen by 42.23% over the last 30 days. The bullish trend in the meme coin segment has reached a 30-day high of $57.41 billion, positioning Shiba Inu on a bullish trajectory. Will this uptrend lead to a new 52-week high? Let’s find out.
Shiba Inu Price Analysis
In the 4-hour chart, the meme coin shows a bullish comeback from the 38.20% Fibonacci level at $0.000017725. This marks a bullish reversal from the 100-day EMA to complete a double-bottom pattern.
Currently, the bullish reversal tests the neckline of the double-bottom pattern, coinciding with the 61.80% Fibonacci level at $0.00001896. The meme coin has surpassed the short-term resistance trend line, further fueling the ongoing bull cycle.
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The trendline has formed a triangle pattern on the 4-hour chart. Thus, an early breakout from this triangle pattern could indicate a double-bottom breakout run.
Shiba Inu Price Targets
As the bullish influence over the meme coin increases, the MACD and signal lines gave a positive crossover in the 4-hour chart. Furthermore, positive histograms are beginning to resurface.
The 20, 50, 100, and 200 exponential moving averages (EMAs) on the 4-hour chart maintain a positive alignment, reinforcing the potential for upward movement. These average lines serve as key dynamic support levels.
Based on the Fibonacci level, a breakout of the 61.80% Fibonacci level is likely to challenge the peak of the resistance trend line at $0.000021145. With the broader market recovery, the meme coin’s optimistic target is $0.000025226 by the end of the month.
Conversely, the meme coin could find support at $0.0000177 and $0.0000160.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/10/18/shiba-inu-surges-42-in-30-days-bullish-trend-targets-0-00000252/?utm_source=rss&utm_medium=rss&utm_campaign=shiba-inu-surges-42-in-30-days-bullish-trend-targets-0-00000252