Shiba Inu, a popular memecoin, is showing potential for a significant bullish rally based on signals from various technical indicators. After a recent surge of 12% in the last four days, SHIB has rebounded from a swing-low to test the upper level of a bullish falling wedge pattern. Analysts believe that breaking above this pattern could lead to a substantial uptrend for SHIB in the near future.
Following a pullback from its July high of $0.00002018, which resulted in a 21% price drop, Shiba Inu has seen a reversal in its price action. Despite a bearish signal from the Network Value to Transaction Ratio (NVT), data from Glassnode indicates that whales have not been dumping their SHIB holdings. Instead, there has been a slight increase in buying pressure, with the exchange outflow rising and the supply on exchanges decreasing.
In addition to the NVT signal, other key indicators such as the daily Relative Strength Index (RSI) and the Chain Monkey Flow (CMF) are also pointing towards a potential rally for SHIB. Crypto market analysts are predicting that SHIB could reach $0.00001933 in the coming week, with a potential break above this level targeting $0.0000259. At the time of writing, SHIB was trading at $0.00001688, slightly below its July high.
It is important to note that the information provided in this article is for informational and educational purposes only and should not be considered financial advice. Coin Edition does not take responsibility for any losses incurred from actions taken based on the content mentioned. Readers are advised to exercise caution and do their own research before making any investment decisions related to SHIB or any other cryptocurrency.
