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Shiba Inu surges 42% in 30 days, testing a double-bottom breakout pattern. Will it reach $0.00000252 by month-end?
Crossing above the $11 billion market cap, Shiba Inu is currently trading at $0.000001883. Over the past 24 hours, it has increased by 4.11%, constituting a 7-day return of 11.47%.
As the bullish trend gains momentum—with Bitcoin’s price crossing above $68,000—Shiba Inu has risen by 42.23% over the last 30 days. The bullish trend in the meme coin segment has reached a 30-day high of $57.41 billion, positioning Shiba Inu on a bullish trajectory. Will this uptrend lead to a new 52-week high? Let’s find out.
Shiba Inu Price Analysis
In the 4-hour chart, the meme coin shows a bullish comeback from the 38.20% Fibonacci level at $0.0000017725. This marks a bullish reversal from the 100-day EMA to complete a double-bottom pattern.
Currently, the bullish reversal tests the neckline of the double-bottom pattern, coinciding with the 61.80% Fibonacci level at $0.000001896. The meme coin has surpassed the short-term resistance trend line, further fueling the ongoing bull cycle.
The trendline has formed a triangle pattern on the 4-hour chart. Thus, an early breakout from this triangle pattern could indicate a double-bottom breakout run.
Shiba Inu Price Targets
As the bullish influence over the meme coin increases, the MACD and signal lines gave a positive crossover in the 4-hour chart. Furthermore, positive histograms are beginning to resurface.
The 20, 50, 100, and 200 exponential moving averages (EMAs) on the 4-hour chart maintain a positive alignment, reinforcing the potential for upward movement. These average lines serve as key dynamic support levels.
Based on the Fibonacci level, a breakout of the 61.80% Fibonacci level is likely to challenge the peak of the resistance trend line at $0.0000021145. With the broader market recovery, the meme coin’s optimistic target is $0.0000025226 by the end of the month.
Conversely, the meme coin could find support at $0.0000177 and $0.0000160.