Shiba Inu likely to rally 25% after it flashes buy signals

Shiba Inu (SHIB) has recently breached key milestones, briefly signaling to buy sentiments and the potential to mark a 25% uptick. Volatility and overall uncertainty in the crypto market accompany the rally. Nevertheless, the sentiment of buying SHIB is evidently prevalent. The current listing for SHIB is $0.00002544, indicating a 6.165 increase in the past 24 hours. It also reflects a 6.95% surge in the last 7 days and a 5.71% drop in the last 30 days.

The closest resistance is $0.0000315, with an ideal support level of $0.0000210. Moving below the support margin could potentially open the door to a larger number of declines. This, in turn, could impact bullish beliefs and render them invalid.

On May 20, 2024, a breach of the declining trend line initiated buying pressure. The Relative Strength Index (RSI) and the Awesome Oscillator (AO) demonstrate bullish sentiments. The latter has recovered above the zero mean level, indicating that a breakout is just around the corner.

The upcoming milestones will serve as imperative levels for the remaining months of 2024. For starters, the next 5 days expect SHIB to rise as high as $0.00003374, and the next 30 days expect Shiba Inu to deliver a value of $0.00008566.

What makes this achievable is the fact that volatility is dancing around 5.63% with a 14-day RSI of 47.96 and a 200-day SMA of $0.00001603. Achieving the predicted value of $0.00008566 will roughly translate into a gain of more than 200%.

Although it appears improbable, Shiba Inu’s ability to dance to those tunes is undeniable. Shiba Inu has seen 13 out of 30 green trades and has 76 points to its name under the Fear & Greed Index for extreme greed.

For the next few weeks, buying sentiments are likely to stay consistent before achieving slight stability. Lower lows with an upward trajectory may follow. Plus, a lot depends on how Bitcoin moves on the price chart. SHIB’s primary task is to dethrone DOGE from the top of the meme coin chart. However, the value of Bitcoin will determine a portion of the performance.

Traders and investors largely explored altcoins when Bitcoin was in the consolidation phase.

That said, an accumulation phase will be more appropriate if the on-chain metric spikes after a crash or during the consolidation phase. Investors could accumulate their holdings. Dips, if any, will show the trend of buying the dip.

At the time of writing this article, the market cap and 24-hour trading volume were up 6.23% and 134.73%, respectively. The market cap is rising to $15.07 billion, with the potential to surpass the $20 billion milestone. The token could see a gain of 200% if all factors eventually align amid volatility and uncertainty.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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