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- Shiba Inu’s recent rally and rising investor confidence suggest potential for a 2x price surge soon.
- SHIB’s price tests crucial support levels, with a breakout possibly pushing it toward significant price targets.
Shiba Inu (SHIB) has solidified its place as the second-largest memecoin, behind only Dogecoin by market cap and trading volume. The token has gained popularity among investors waiting to witness a SHIB 2x rally, driven by developments in Shiba Inu’s Shibarium within the DeFi sector.
The token’s recent performance has revealed bullish signals that indicate a trend shift might be near. On its daily chart, SHIB is charting a downward channel formation, which typically means a consolidation period before an anticipated breakout.
Crypto analyst Jonathan Carter noted that the price of SHIB is testing its midline support, an extremely crucial level that might suggest that the token is gaining momentum before a probable rally. Also, the price of SHIB approached the 50-day simple moving average (SMA), a crucial long-term price trend indicator. Should SHIB cross this resistance, the chances of a rally would increase.
SHIB Breakout Could Lead to 2x Rally
Jonathan’s analysis reveals that the downtrend channel formation, which has been active since the end of 2024, is approaching its top line, or descending resistance, for the first time since its initiation.
The price level of SHIB is arriving near this crucial resistance level, and a breakout will push the token 2x upwards from its current level of $0.00001349.
Jonathan Carter revealed potential targets on prices during a breakout confirmation. These prices include $0.00001500, $0.00001750, $0.00002050, and $0.00002500. Attaining these prices means a significant jump from its current price of $0.00001241.
Other than these targets, the Volume Profile Visible Range (VRVP) indicator shows rising activity within the price range of $0.00001250 to $0.00001500. The area is seen to be a probable spot for accumulation, and investors are likely positioning to push the price higher.
The Relative Strength Index (RSI) continues to trend upward and is approaching the 50 level—a common signal that buyer sentiment is on the increase.
Strong Gains and Market Sentiment
Shiba Inu saw a major increase in July, gaining 17% over the past week, which was its greatest performance since November of the previous year. The growth is stimulated by factors such as higher trading activity, additional token burning, and larger holders accumulating SHIB.
On-chain data shows that large wallets have accumulated more than 340 million SHIB over the past week, suggesting a strong accumulation trend. That indicates growing confidence among institutional investors and major holders in the token’s potential..
SHIB continues to hold above key levels such as the 50-day moving average, which supports the ongoing bullish sentiment in the market. If SHIB stays above the main support range between $0.000010 and $0.000011, analysts at ZelfTrade believe the token could move up to $0.0000239, reaching a six-month high.
