Setting the Stage: Bullish Breakout Signals Shiba Inu's Rally Revival

Setting the Stage: Bullish Breakout Signals Shiba Inu's Rally Revival

A prominent player in the world of memecoins, Shiba Inu, is gearing up for an impressive 15% surge from its current price levels as the weekend approaches. Despite an overall sense of exhaustion in cryptocurrency market volatility, this particular memecoin seems poised to capture attention in the near future.

Upon analyzing the daily price chart of SHIB, the native token of Shiba Inu, a pattern of higher lows has emerged above the support trendline. Notably, the memecoin's price has successfully broken through the crucial $0.000085 resistance level and has even outperformed a minor retracement phase, indicating a robust breakout.


Source: Tradingview


Buyers could potentially enjoy a substantial 15% gain, reaching up to the significant round level of $0.000010. However, this bullish momentum might encounter hindrances in the upcoming days. Furthermore, should the price of Bitcoin reclaim the $30K region, it has the potential to ignite an acceleration for SHIB beyond the $0.000010 resistance mark.

During Friday's trading session, buyers entered the market as SHIB's price underwent a notable 5.5% intraday surge. The ongoing bullish breakout, as indicated by the ADX indicator, positions SHIB as an attractive immediate buying opportunity, with the SHIB token currently trading at the $0.0000087 mark.


Source: Tradingview


Buyers are displaying confidence, evident from SHIB's robust position above the 100-day simple moving average, along with the 50-day and 20-day SMAs. The memecoin has its sights set on reaching the 200-SMA, a potential trend changer that could usher in a bullish trend.

While the simple RSI continues its upward trajectory and approaches the threshold of the overbought zone around the 70-range, the Stochastic RSI presents a bearish divergence. Consequently, buyers are advised to exercise patience and await strong positive indications before considering accumulation.

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Disclaimer:
This information is for educational purposes only and does not constitute investment advice. No person should rely on it to make any investment. Investing carries risks, including the loss of capital. All opinions expressed are subject to change without notice. Past performance is not indicative of future results. Always seek the advice of a licensed investment professional before making any investment.