Shiba Inu (SHIB) is exhibiting indications of a bullish breakout, which can result in a 12% increase in price. The Shiba Inu daily chart, a classic sign of bullish momentum, shows a sequence of higher highs and lowers, indicating a continuous uptrend. Recent price changes have followed a pattern that indicates potential future increase, indicating that SHIB may be close to setting a new high.
SHIB is presently in a strong uptrend, according to technical analysis, with its price trading above both the 50-day and 100-day moving averages, which serve as dynamic support levels. This alignment usually means that there is a lot of bullish activity in the market, supporting the existing price and acting as a springboard for more gains.
Neither overbought nor oversold, the Relative Strength Index (RSI) is now trading at a steady level. The RSI’s steadiness indicates that SHIB can continue to expand without facing an immediate threat from a significant sell-off brought on by overvaluation.
The volume profile indicates that trading activity has increased noticeably during the upswings, suggesting possible accumulation periods and rising investor interest. Since volume frequently moves ahead of price, the increased buying pressure can be a hint of a big price increase.
Furthermore, news reports supporting investor sentiment on Shiba Inu have been making waves in the cryptocurrency world. Many encouraging events are adding to the enthusiasm, including the token’s rising burn rate, which lowers supply, its expanding ecosystem, and the potential of Shibarium, SHIB’s own blockchain.
A 12% rise from its current position is feasible if SHIB continues on its current track and the market stays favourable. Though the indicators are encouraging, it is important to keep in mind that meme assets are renowned for their volatility, so proceed with caution when dealing with them.
