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- Analysts predict Shiba Inu could surge by over 335%, driven by a breakout from a bullish flag pattern and strong relative strength index (RSI) indicators.
- The Shiba Inu (SHIB) price action mirrors earlier bullish patterns from January, where a similar breakout led to a 406% increase.
Shiba Inu (SHIB) price gained over 6% on Friday, October 11. This comes after a 5% drop on Thursday owing to unfavorable macroeconomic conditions that impacted the entire crypto market. At the time, the popular dog-faced meme coin dropped to $0.000016 while Bitcoin briefly fell below the $60,000 mark.
This plunge caused some concern among Shiba Inu investors. However, the latest bounce back and emerging technical patterns have sparked optimism for a SHIB price surge of over 335%, per the CNF report.
Shiba Inu Price Forecast
According to a recent analysis, Shiba Inu’s price could potentially rise by 400% to reach $0.000074. The analysis points to a breakout from a bullish flag formation on the SHIBUSD 5-day chart. This pattern has been developing since March 2024, when the SHIB price hit a yearly high of $0.000045.
Courtesy: TradingViewFor context, after the surge on on September 28, which pushed SHIB to $0.00002169, the price defied the flag pattern. This signaled a potential uptrend, which is coming true considering today’s Shiba Inu price action.
The analyst on TradngView emphasized that SHIB’s relative strength index (RSI) further supports this bullish outlook. On the 5-day chart, the RSI stands at 57.4, a level that suggests a continuation of upward momentum. This divergence between price and RSI indicates a bullish trend that confirms further price gains for SHIB. Recently, amid the waning sentiment, Shiba Inu executives also convinced the community of its long-term potential, reported CNF.
In addition to the bullish flag pattern, a reversal in trend is also seen as evidence of a shift in market sentiment. The recent price action has moved against the prevailing bearish trend and is considered a sign of a growing positive push for SHIB.
SHIB Price Action
The current price setup mirrors a similar pattern observed earlier this year. In January this year, the SHIB price also broke out from a bullish flag formation. This breakout led to a massive 406% increase in price, which culminated in the March high. Thus, market analysts now anticipate a repeat of this price action, expecting SHIB to potentially rise over 335% to hit $0.000074.
At present, the SHIB price is trading at approximately $0.00001764, surging by 6.27%. Other analysts have echoed the optimistic sentiment amid the recent rally. Analyst Alan Santana predicted that SHIB would soon reach $0.00007. He also noted that the meme token is in a strong accumulation phase, which typically precedes an upward price movement, reported CNF.
Likewise, crypto market expert Javon Marks has forecast that SHIB could surpass the $0.000074 mark and even trade as high as $0.00008. To prove his point, the analyst referenced a breakout from a falling wedge pattern that has been forming since March.
In the short term, SHIB price can benefit from short liquidations as these traders buy back their positions to minimize losses amid the surge. According to Coinglass data, the SHIB short liquidations stand at $334,260. Nonetheless, long liquidations also close in at $283,340, which could limit the positive impact significantly.
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