Recent analysis of Shiba Inu cryptocurrency (SHIB) suggests that it may soon experience a significant price surge as analysts indicate bullish momentum.
Recent Price Movements of SHIB
Following a period of price accumulation, the meme coin has shown signs of bullish momentum. SHIB quickly recovered by more than 9% after a previous 3.17% drop this week. However, SHIB's 8% rise over the past week lags behind other major cryptocurrencies, such as XRP and Dogecoin, which rose 43% and 18%, respectively.
Shiba Inu Technical Analysis
Analyst SimpleTrader2018 from TradingView pointed out a symmetrical triangle formation on Shiba Inu's monthly chart, contributing to the optimistic outlook. A breakout from this pattern is expected to lead to a significant price increase in the coming months.
Current Price and Market Sentiment
At the time of press, SHIB is trading at $0.00002276, reflecting a 0.63% decrease on the day. Analysts such as CryptoELITE and Alan Santana predict the price may surge to $0.00023 if SHIB breaks free from its current price consolidation.
Current technical indicators and price movement patterns suggest a possible substantial rise for Shiba Inu shortly. However, investors should consider potential risks.
