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Shiba Inu (SHIB) is showing signs of a bullish breakout that could see its price rise by approximately 12%. The daily chart reveals a sustained uptrend, supported by a series of higher lows and higher highs on the Shiba Inu daily chart, a classic indicator of bullish momentum. Recent price movements have drawn a pattern that points towards further growth, suggesting that SHIB could be on the verge of hitting a new high.
Technical analysis reveals that SHIB is currently in a solid uptrend, with its price trading above the 50-day and 100-day moving averages, which act as dynamic support levels. This alignment usually indicates a strong bullish presence in the market, supporting the current price and providing a launching pad for further increases.
The relative strength index (RSI) remains stable, without overbought or oversold. This stability in the RSI suggests that SHIB has room to grow without immediate risk of a major sell-off due to overvaluation.
Regarding the volume profile, there has been a notable increase in trading activity during bullish periods, pointing to growing investor interest and possible accumulation phases. Volume usually precedes price, and increased buying pressure could be a precursor to a significant price increase.
Additionally, the crypto community has been abuzz with headlines reinforcing investor sentiment around Shiba Inu. From the token’s increasing consumption rate, which is reducing supply, to its growing ecosystem and the prospects for Shibarium, SHIB’s own blockchain, there are a number of positive developments contributing to the hype.
If SHIB maintains its current trajectory and market conditions remain favorable, a 12% rally from its current position is within reach. It is essential to remember, however, that meme assets are notoriously volatile and while the signs are promising, the asset must be approached with caution.
