Crypto News- Shiba Inu (SHIB) appears to be gearing up for an impressive bullish breakout, hinting at a potential 12% surge in its price. A closer look at the daily chart reveals a consistent uptrend, marked by a series of higher lows and higher highs an unmistakable signal of bullish momentum. Recent price movements align with a pattern indicating further growth, fueling speculation that SHIB may soon hit a new high.
SHIB Price Predicted to Increase by 12%
Technical analysis underscores SHIB’s robust uptrend, as its price confidently trades above both the 50-day and 100-day moving averages, acting as dynamic support levels. This alignment signifies a strong bullish presence, establishing a solid foundation for potential future increases.
The Relative Strength Index (RSI) holds steady at a balanced level, avoiding extremes of overbought or oversold conditions. This RSI stability implies that SHIB has room for expansion without an immediate threat of a major sell-off due to overvaluation. Examining the volume profile, there’s a noticeable uptick in trading activity during upward movements, indicating growing investor interest and possible accumulation phases. The increased buying pressure could foreshadow a substantial price uptick, as volume often precedes price movements.
Beyond the charts, positive sentiment surrounds Shiba Inu in the crypto community. Factors such as the token’s increasing burn rate, which reduces supply, its expanding ecosystem, and the exciting prospects of Shibarium, SHIB’s own blockchain, are generating enthusiasm. If SHIB maintains its current trajectory and market conditions stay favorable, a 12% increase from its current position seems attainable. However, it’s crucial to bear in mind the inherent volatility of meme assets. While the signs are promising, exercising caution when approaching this asset is wise.