Shiba Inu Has Bullish Signal Emerge: 18% Rally Ahead for SHIB?
One of the leading meme coins on the cryptocurrency market could be set to see its price heavily increase. Indeed, Shiba Inu has seen a bullish signal emerge on its price chart that could indicate an 18% rally is emerging for SHIB in the near term. The development could prove to be a monumental opportunity for the passionate investors of the cryptocurrency.
The asset had gained as much as 2% Friday but had suffered notable losses over the course of the last seven days. However, things look to be turning around for the meme coin. With its burn rate jumping 1000%, there could be big things in store for one of the most well-known tokens in the industry.
Shiba Inu Set For Bull Rally? Price Chart Indicates Big Things Ahead for SHIB
Regardless of the divisiveness of meme coins, their popularity is undeniable. The asset class has seen these tokens grow in their utility as they seek to become far more than they are. Moreover, with the entire industry growing in popularity and use cases, they could soon follow.
Throughout the subsect, there are few tokens as notable as Shiba Inu. The second largest meme coin by market cap, it trails only the original meme coin, Dogecoin (DOGE). Although it has yet to sport a notable increase this year, Shiba Inu has seen a bullish signal emerge on its chart, with a potential 18% increase ahead for SHIB.
According to a recent technical analysis from John Carter, the signal emerged on its four-hour chart Friday. Over the past 32 days, Shiba Inu has traded between $0.00002013 and $0.0002466. However, it ended the week trading at $0.000021, which could be setting the stage for a price surge.
“This is the fifth time SHIB has approached the lower boundary of its channel pattern,” Carter said. “The price action indicates a strong possibility of an upward reversal,” he added. Currently, the token’s relative strength index (RSI) stands at 44.37. That shows the asset is slightly bullish but mostly neutral.
Cryptocurrency price prediction platform CoinCodex expects a more than 114% jump before January ends. Indeed, they project the asset will reach a monthly high of $0.00004366. That could come as a result of an impending breakout, as Carter predicted.
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