Shiba Inu Roars Back: Can the Meme Coin Keep Up the Momentum?

Shiba Inu Roars Back: Is This Just the Beginning?

A cryptocurrency that was inspired by memes, Shiba Inu (SHIB), is once again gaining traction in the cryptocurrency market. Following several months of comparatively quiet activity, the coin currently exhibits significant bullish potential. SHIB is now trading at $0.00001565, up 3.06% over the last day. Additionally, it increased by 18.71% in the previous week, which bolstered positive investor sentiment.

Is SHIB Forming a Cup and Handle Pattern? Analyst Predicts Major Breakout!

Rose Premium Signals, an analyst, claims that SHIB is creating a traditional cup and handle pattern. Impending price breakouts are frequently indicated by this chart structure. SHIB may be poised for a big comeback based on recent price movement, particularly following a recovery from a crucial buy zone. The coin recently rebounded from critical support at $0.00001148, according to Rose Premium Signals.

This rebound could serve as a springboard for additional gains. SHIB may break through resistance levels and target $0.00002215, $0.00002724, and maybe $0.00003298 if the cup and handle pattern is fully realized.

Bullish Signals for SHIB: MACD Crossover and RSI Indicate Strong Momentum!

Technical indicators support this prediction. A bullish crossover has occurred when the MACD line has risen above the signal line. Additionally, when the histogram grows, it indicates increasing buying momentum. At this time, the RSI is 67.82.

Although the overbought zone is getting closer, this level usually comes before brief consolidations before a further upward rise. When taken as a whole, these indicators suggest a trend of strengthening that could continue soon.

Accumulation Phase in Play? Net Flow Data Indicates Bullish Potential!

Current netflow data lends credence to the bullish argument. There have been more outflows than inflows in recent months, especially in November and December. These sell-offs caused the price to drop sharply. April data, however, reveals consistent net flows and flattening price action. Large investors may be quietly purchasing in anticipation of a larger move, as this stabilization may point to accumulation.

Interest in SHIB Rises Again: Market Cap Soars to $8.8 Billion!

Further evidence that interest in SHIB is resuming comes from the market capitalization rise and the increased trading volume, which is presently close to $699 million per day. SHIB is still one of the most monitored altcoins, with a market value of over $8.8 billion and 590 trillion tokens in circulation.

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