- Shiba Inu coin forms a hidden bullish divergence pattern, suggesting a possible price surge.
- Analysts forecast a 330% surge if SHIB gained bullish momentum.
Shiba Inu (SHIB), a memecoin, has been experiencing significant volatility in the past few sessions. It has gained bullish traction and registered a falling channel breakout this month.
However, the breakout rally was due, and the SHIB coin braced for an upswing. It stayed above the key EMAs and displayed bullish cues.
Alongside the bullish price action, some crypto analysts remained optimistic. It predicted a potential surge in the upcoming session. Shiba Inu coin price was trading at $0.00001767. The token noted an intraday rise of over 0.35% over the past 24 hours.
It has a total supply of 589.52 Trillion and boasts a market cap of $10.41 Billion. During the intraday session, the trading volume jumped over 11.77%, projecting a rise in bullish optimism.
Shiba Inu Price Positioned for Significant Gains, Says Analyst
In a recently shared post on X, Javon Marks said that the SHIB coin had displayed positive price movements. It formed a hidden bullish divergence on the weekly timeframe.
He added that the Shiba Inu coin price may continue to hold gains above the key EMAs. If this happens, it may see an upswing of over 330% could be seen in the coming sessions.
Amidst the market’s bearish sentiment, the Shiba Inu coin price may stretch the bullish movement. Furthermore, it can hit $0.0000810 in the following sessions.
However, multiple bullish patterns emerged on the price chart. There was a high probability that the bullish trend may be seen ahead.
SHIB Price Prediction: Market Sentiment Analysis
SHIB price prediction on a daily time frame indicated a significant price surge is on the horizon. SHIB coin may surge toward the $0.00002000 level in the coming sessions.
The Shiba Inu coin price gained traction in the last three weeks and surged over 38%. It reached $0.00001760 at press time.
Amidst the choppy market movements and mixed cues in the broader market, speculations were sparked among the market participants. The speculations were that the SHIB coin may see a significant price rally in the upcoming sessions.
The Relative Strength Index (RSI) line stood close to the midline region, around 51 at press time. It formed a hidden bullish divergence. This conveyed a possible price surge in the following sessions.
Moreover, the Money Flow Index (MFI) index reading was around 56, implying a rising market inflow. With the growing optimism, the active addresses data noted a significant rise.
That pointed toward the rising market confidence. The active addresses curve spiked to 20.5k, noting a rise over the past 24 hours.
Per the Fib retracement levels, SHIB price held gains above the 38.2% level and eyes to reach the 50% zone. The Open Interest (OI) has dropped over 2.21% to $50.29 Million. This represented a short covering move over the past 24 hours.
The immediate support zones for SHIB were $0.00001680 and $0.00001530. On the other hand, the upside hurdles were $0.00001850 and $0.00002000.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
