The interest in meme coins has been reignited due to a surge in Bitcoin prices, leading to a reversal rally in SHIB price. The meme coin is showing a gradual uptrend with lower volatility compared to previous movements.

A breakout of a bullish pattern in a shorter timeframe indicates a potential bull run in Shiba Inu. This rally aligns with long-term predictions forecasting a significant price increase of over 100%.

In the 4H timeframe, a recent bull run experienced a minor pullback, forming a wedge pattern. The overall SHIB price action has formed a bullish flag pattern.

After finding support at $0.000024, Shiba Inu has surpassed the resistance trendline, signaling a bullish breakout. The recent uptrend has seen a 16% increase in the last four days and shows four consecutive bullish candles on the daily chart.

Currently trading at $0.00003096 with a 1.04% intraday growth, a long-wick formation suggests potential resistance levels at higher prices.

Technical Indicators:

• MACD Indicator: The MACD and signal lines remain bullish in the 4H timeframe, supporting the breakout rally.
• RSI: The daily RSI is trending positively towards the overbought boundary line.

Will SHIB Price Reach $0.000050? The ongoing breakout rally in SHIB price indicates a sustained uptrend with increasing demand. However, resistance at $0.00003802 could pose a challenge. The bullish trend could potentially reach $0.00005833 according to the trend-based Fibonacci level.