The memecoins received a notable push in the early trading hours as the biggest Dogecoin proponent & Twitter CEO, Elon Musk, referred to the Shiba Inu dog and captioned it as the new CEO. Since then, the DOGE price and the SHIB price have significantly risen, gaining nearly 6% to mark levels above $0.86 and $0.000013, respectively. The SHIB price is experiencing an acute bullish push, which may compel the price to break out of the consolidation very soon.
The current trading set-up hints at the preparedness of the Shiba INU to undergo a massive breakout, and hence now could be a good time to accumulate some. But will the SHIB price rise by more than 100% to double in value or fake out as it did before at $0.000015?
The SHIB price is currently flashing buy signals as the price is hovering within a descending channel and attempting to break out of the channel with a successful retest. This is believed to trigger a massive upswing, as the price has also formed a double-bottom on a macro scale. With two bullish indicators, the analyst believes the SHIB price is set to rise by more than 100% to soar above $0.000026 shortly.
Considering the technical, the RSI has displayed a bullish divergence that may trigger a rebound. Besides, the MACD displays a drain in the selling volume, which could vanish with the piling up of bullish pressure.
Thirdly, the Average Directional Index (ADX) in the first few days of 2023 has dropped. This indicates bulls continue to remain aloof and, hence, may jump into action very soon. Collectively, multiple bullish signals have been flashed that may impact the price in the coming days and uplift it significantly.