 
 
Shiba Inu (SHIB) bulls are kicking off September on a bullish note, as technical data has revealed that a bullish pattern has been confirmed, thus validating the possibility of an upward rally.
According to crypto analyst Javon Marks, the memecoin has confirmed a bullish pattern in a regular bull divergence—a technical analysis pattern observed on the MACD Histogram, indicating a potential bullish reversal, which occurs when the price of SHIB hits a lower low. Still, the MACD Histogram forms a higher low.
The pattern suggests that the downward momentum is weakening, and a reversal to an upward trend may be imminent, potentially leading to the projected 163% move to $0.00003 and a further 570% run to $0.000081.
As the analyst wrote;
“What this suggests is a major bullish reversal back to the upside, which can consist of an over 163% move back into the $0.00003s, and that may only be the start. As prices continue to hold well broken out of an older structure, that could be only part of an over 570% run to the $0.000081 breakout target.”
 
The analysts’ observation comes as the broader crypto market losses skyrocket, with leading altcoins trading in the red.
The asset could continue to suffer greater losses if selling pressure intensifies, but a sustained bullish pattern could position SHIB for a much-needed upward price correction.
During the time of this report, SHIB is trading for a price of $0.00001276 per token. On an even more bullish note, Google search volume for memecoin has returned to 57 after months of declining activity. The new development suggests renewed interest in memecoins amongst market players.