Shiba Inu (SHIB) is preparing for a breakout that could potentially push the memecoin to $0.00003, according to experts. A double bottom pattern, represented by a “W” shape, has been identified as a key sign of an upcoming price reversal. The SHIB community, also known as the SHIBArmy, is eagerly anticipating this breakout, pointing to the technical setup as evidence of a return to recent highs.
Investors will be closely watching the $0.000029 resistance level. If this level is broken, it will be important for the bulls to maintain the bullish momentum in order to confirm the reversal.
Currently, SHIB is trading at $0.00002910, experiencing a 3% surge in the last 24 hours. This increase has helped the memecoin overcome its bearish trend and is now up by 1.5% in the last 7 days. However, investors have recently faced some setbacks due to Bitcoin’s price drop.
Speaking of Bitcoin, the cryptocurrency has made a comeback at the beginning of the week, gaining nearly 5% and trading above $72,300. With less than two weeks until the next Bitcoin halving, experts are confident that the digital asset will revisit its all-time high of $75,000 and potentially reach a new high of $100,000 by the end of the year.
The price movement of altcoins, including SHIB, is heavily influenced by Bitcoin and the general bullish sentiment surrounding the crypto king. During the recent dip, there was notable activity in SHIB whale addresses, indicating that investors were taking advantage of the discounted prices to accumulate more tokens in anticipation of a potential breakout. Data shows a 436% surge in large transactions last week, increasing from 1.4 trillion SHIB to 6.11 trillion SHIB.
Furthermore, Shiba Inu has gained significant popularity, becoming the most traded cryptocurrency on WazirX, India’s largest crypto exchange by trading volume. It has also surpassed Bitcoin and other meme coins in trading volume during the first quarter. Additionally, SHIB has emerged as the most sought-after cryptocurrency in Europe.
One of the driving factors behind the increase in SHIB price is the growing number of SHIB burns. Data from Shibburn, a SHIB burn tracking website, reveals a 260% surge in burning rate in the last 24 hours, resulting in a total of 410,724,758,795,332 SHIB tokens burned.
Renowned analysts, such as ‘Rekt Capital’ and Xanrox, suggest that SHIB may replicate its impressive bull run from earlier this year. These indicators indicate that SHIB is poised for a parabolic rally in the coming weeks and months. It will be crucial for bulls to turn recent resistance levels into support, which will help drive prices to new all-time highs. Earlier this year, Shiba Inu’s lead developer, Shytoshi Kusama, made a bold claim that the meme coin could achieve a $100 billion market cap. Currently, SHIB has a market cap of $17.1 billion.