Shiba Inu (SHIB) is back in the spotlight after rallying nearly 7% in a single day, signaling a potential reversal in its recent price trajectory.
While the meme coin faced selling pressure earlier this week, with fears of a dip below the $0.000008-mark, bullish momentum has since taken over — pushing SHIB into a consolidation phase that hints at an upcoming breakout.
This optimistic outlook is fueled by substantial developments within the SHIB ecosystem. Notably, the Shibarium network recently surpassed one billion transactions, highlighting its rapid adoption and effective token mechanisms.
This milestone, coupled with the ongoing development of Layer 3 rollups, Shib OS for decentralized applications, and encrypted smart contracts for enhanced privacy, is contributing to the growing bullish sentiment surrounding SHIB.
The project’s community remains one of the most vibrant in the crypto space. While the official Shiba Inu X (formerly Twitter) account hasn’t posted since April 4, the SHIB Army has kept the conversation alive through memes, technical analyses, and price predictions.
Notably, a post on April 6 confidently stated, “SHIB will make you a millionaire,” suggesting a long-term target of $0.01 — a lofty goal, but one that continues to energize the community.
Source – 99Bitcoins YouTube Channel
Shiba Inu Price Prediction
Earlier technical analysis showed Shiba Inu under pressure, trading near a key support level. At one point, analysts warned of a potential decline, especially if the bearish trend continued. However, SHIB appears to have found its footing with a double-bottom formation and has since rebounded, moving into a consolidation zone.
Currently, oscillators remain neutral, while moving averages point toward a strong sell signal. Despite this bearish outlook on the surface, such conditions often present accumulation opportunities for long-term investors. If the market sentiment continues to improve, SHIB could be primed for a breakout rally.
An external report also highlighted a bullish technical setup. According to the analysis, SHIB bottomed at $0.00001066 — a level that has historically acted as strong support. The price touched this level during last August’s dip, again in March, and most recently on what was dubbed “Black Monday.”
This repeated testing forms a triple bottom pattern, a widely recognized bullish signal. The chart’s neckline at $0.00003340 marks the key resistance; a breakout above it could trigger a powerful upward move.
The general cryptocurrency market is also helping to lift SHIB. The global market cap rose by nearly 4% today, and Bitcoin has bounced back toward the $80,000 mark. The Fear and Greed Index moved from 17 to 19, hinting at a shift away from extreme fear.
With over 4 million followers and a passionate community, SHIB stands ready to ride the next wave of market optimism. While some technical indicators remain bearish, underlying patterns and ecosystem developments suggest a bullish breakout may be on the horizon.
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Source – MIND of Pepe Twitter
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