- After a period of correction, SHIB surged by 8% in just 24 hours
Most metrics supported the possibility of a 100% price hike
As a researcher with experience in the cryptocurrency market, I find Shiba Inu’s (SHIB) recent price surge of over 8% in just 24 hours to be an intriguing development. The bullish momentum seems to have returned to this memecoin, and based on current metrics, there is a strong possibility that SHIB could experience a 100% price hike in the coming weeks.
Shiba Inu‘s [SHIB] price experienced a significant surge over the past few hours, with bulls taking charge of the market. It’s possible that this is just the beginning, as recent data indicates SHIB could be gearing up for a potential 100% price increase in the upcoming weeks.
Shiba Inu bulls buckle up
After a month of continuous price decreases for the memecoin, its price chart suddenly displayed an uptick, fueled by Bitcoin‘s rebound. As reported by CoinMarketCap, SHIB experienced a significant surge in value, approximately 8% in just one day, generating considerable enthusiasm within the market.
As a crypto investor, I’ve noticed an significant impact of the price surge on SHIB‘s social metrics last week. The social volume of SHIB spiked, and its weighted sentiment soared on the charts. In simpler terms, the bullish sentiment took over the market once again as SHIB’s value continued to rise.
At present, it’s plausible that the memcoin’s price will surge by 100-120% based on its bullish flag pattern, as analyzed by World of Charts in their recent tweet. This pattern indicates a potential price increase if SHIB successfully breaks above its current range.
Shiba Inu has more to offer
As a crypto investor, I’ve been closely monitoring the market trends and was intrigued when I came across AMBCrypto’s recent analysis. They mentioned that Glassnode’s data for the memecoin showed a decrease in its Network to Value (NVT) ratio over the last few days. This finding suggests that the memecoin may be undervalued based on its network activity, potentially increasing the chances of a 100% bull rally.
A drop in the metric means that an asset is undervalued, hinting at a price hike in the near term.
Additionally, investor faith in SHIB stayed robust with heightened purchasing interest, as evidenced by a decrease in Shiba Inu’s available supply on exchanges and an increase in its off-exchange holdings. This trend suggested strong demand for the meme coin.
As a researcher examining the trends on CryptoQuant’s platform, I discovered that investors have been actively purchasing Shiba Inu (SHIB) coins as their reserves in various exchanges continued to decrease.
A few indicators seemed to support the idea of a rally sustaining itself.
The MACD indicator signaled an upcoming bullish trend based on its analysis. Additionally, the Relative Strength Index (RSI) showed a rise and currently stood at 49.7.
I examined Hyblock Capital’s data as a crypto investor to identify potential targets for Shiba Inu (SHIB) if it experiences a 100% price increase. Based on our analysis, SHIB needs to surpass the $0.000025 mark to maintain its momentum.
Read Shiba Inu [SHIB] Price Prediction 2024-25
Should it reach this milestone, the subsequent goal might be $0.000027. If SHIB surpasses this mark, a significant increase in liquidation may occur, potentially leading to a swift advance towards $0.00003.
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2024-05-04 23:03