Shiba Inu Could Surge to $0.0000259 Amid Bullish Signals

Shiba Inu could be on the verge of a significant bullish rally following signals from multiple technical indicators. The flagship memecoin surged 12% in the last four days.

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Shiba Inu might be getting ready for a rally as multiple technicals hint at a bullish move. The second-largest memecoin rose 12% over the last four days, bouncing off an established swing-low to retest the upper level of a bullish falling wedge pattern. Breaking above this formation could pave the way for a significant SHIB rally, according to analysts.

SHIBUSD Daily Chart on TradingView

Shiba Inu’s recent rally marked a reversal from a recent pullback that saw the memecoin drop from its $0.00002018 July high, leading to a 21% drop in SHIB’s price. However, the recent price action, coupled with other crucial indicators, signaled a bullish move.

According to data from Glassnode, Shiba Inu’s Network Value to Transaction Ratio (NVT) has been increasing over the last few days. While the NVT suggested a bearish sentiment for SHIB, the whales seemed to have ignored the signal in the past week by not making any significant moves.

Interestingly, further data from Santiment showed that the whales’ reluctance to dump SHIB was evident, with top network addresses holding a flat supply throughout last week. Instead, Shiba Inu experienced a slight buying pressure, with its exchange outflow increasing and its supply on exchanges showing a drop.

Other crucial indicators, including the daily Relative Strength Index (RSI) and the Chain Monkey Flow (CMF), pointed toward a potential SHIB rally. Hence, crypto market analysts are predicting SHIB could rally to $0.00001933 by next week, a break above which could see the top memecoin target $0.0000259.

SHIB was trading at $0.00001688 at the time of writing, having pulled back from its July high of $0.00002018, according to data from TradingView.

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