Memecoins have fully recuperated, according to market analysts. As a result, the market could see a handful of meme tokens retest previous highs and potentially hit an all-time high.
The Shiba Inu coin is among the most promising meme coins, as the technical signals have been extremely bullish. Taking to X, formerly Twitter, a pseudonymous analyst, Ali Charts, shared the current development with his followers.
If the current resistance levels are sustained, Shiba Inu formed a symmetrical triangle that could trigger SHIB bulls to kick off a 40% bullish price rally.
“ShibaInu forms a symmetrical triangle on the 4-hour chart. A sustained close above the $0.000038 resistance could trigger a 40% bullish breakout, pushing $SHIB toward $0.000052. Watch out for $0.000033 since losing this support level will invalidate the bullish outlook.” The analyst wrote.
A symmetrical triangle is a chart pattern usually characterized by two converging trend lines. It connects a series of sequential peaks that converge at a rough equal slope.
At report time, Shiba Inu is valued at $0.00002636. While the meme coin has dropped by 2.89% and trading volume is down by 32%, Shiba Inu has remarkably risen over the past few weeks. Unseating Dogecoin, a long-standing rival meme coin, Shiba Inu, has surged 225% over the last 30 days.
Meanwhile, the broader memecoin market has continued on an upward trajectory. According to data from CoinMarketCap, Floki Inu is leading the memecoin market as social sentiments spearheaded a positive uptrend for the asset. In the previous week, meme coins like DOGE and PEPE emerged as the highest gainers.
Similarly, the altcoin market is also recording a massive uptick in collective asset price value. As recently reported by Santiment, Ether, XRP, and TON emerged as the highest gainers last week, with collective gains above 50%.
As the report read;
“Monday’s altcoin breakout was boosted by major distributions from Bitcoin’s latest new AllTimeHigh. BTC saw a +55% social volume rise, and ETH’s discussions +60%. Top cap notable 24-hour price gainers are LTC +19%, XRP +18%, and TON +18%.”
Network activities have also validated SHIB’s position as whale activity skyrockets to new levels. According to data shared by blockchain tracker Whale Alert, 332 billion SHIB has been accumulated by a mysterious wallet address. The recent development strengthens optimistic sentiments across the Shiba Inu ecosystem.