Shiba Inu coin – Here’s the roadmap for a 100% hike in SHIB’s price
  • After a period of correction, SHIB soared 8% in just 24 hours.
  • Most indicators confirmed 100% possibility of price increase

Shiba Inu [SHIB] Bulls took control of the market as the price of the token rose dramatically in the past few hours. This may be the tip of the iceberg, but considering the latest data, SHIB could be preparing for a whopping 100% price increase on him in the coming weeks.

Shiba Inu bull buckling up

After a month-long price correction, the memecoin price chart finally showed a green color on the back of Bitcoin’s recovery.according to coin market capSHIB price rose over 8% in 24 hours, bringing a lot of optimism to the market.

The price increase also had a significant impact on SHIB’s social metrics as social volume increased last week. Moreover, its weighted sentiment soared on the charts. Simply put, bullish sentiment appeared to have regained control of the market as SHIB’s value rose.

Shiba Inu social volume skyrockets

Source: Santimento

This outcome is likely as memecoin price was trading within a bullish flag pattern at the time of writing. Popular cryptocurrency analyst World of Charts recently said, Tweet About this pattern. Similarly, if SHIB manages to break out of the pattern, a 100%-120% rally could occur in the following weeks.

There are more places to choose from in the Shiba Inu area.

When AMBCrypto checked Glassnode data, the chances of a 100% bull market becoming a reality increased. We have noticed that the network-to-value (NVT) ratio of meme coins has declined in recent days.

A decline in the indicator means that the asset is undervalued, suggesting a short-term price increase.

SHIB's NVT ratio declines

Source: Glassnode

Separately, investor confidence in SHIB remains high amid increasing buying pressure on altcoins. The supply of Shiba Inu on exchanges decreased slightly, but the supply outside exchanges increased, indicating high buying pressure on the meme coin.

CryptoQuant’s view data It also revealed that investors are buying SHIB due to the decline in foreign exchange reserves.

Buying pressure on SHIB was high

Source: Santimento

Several indicators seem to support the idea that the rally will be sustained.

For example, the MACD predicted the possibility of a bullish crossover. The Relative Strength Index (RSI) also registered an increase, with a value of 49.7 at the time of writing.

AMBCrypto then checked Hyblock Capital’s data to find immediate targets that could be hit on the road if SHIB starts a 100% rally. According to our analysis, it is important for SHIB to rise above $0.000025 to maintain the same level.

read Shiba Inu [SHIB] price prediction 2024-25

If that is achieved, the next possible target could be $0.000027, at which level liquidations would rise sharply. If it succeeds in breaking above that level, SHIB could quickly reach $0.00003.

Source: Hyblock Capital

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