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Shiba Inu (SHIB), the second largest memecoin by market cap, has seen a daily increase of 8% following Bitcoin’s rise to $70,000. Amid the market volatility, the token is attempting to recover a key resistance level, which could push the price to a 110% rally.
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Shiba Inu will soon see a 110% increase
In Shiba Inu’s recent performance, the cryptocurrency showed red numbers in various time frames. After the market’s most recent pullback, SHIB returned 13% to its lowest weekly level of $0.00001632 recorded on November 3.
However, the token is up 12% from its seven-day low and recovered the $0.000018 resistance level on Thursday. SHIB’s performance is seemingly fueled by BTC’s recent jump to the $70,000 mark, which pushed the memecoin above the $0.00001855 resistance before bouncing back.
Furthermore, the token’s daily activity has increased by 67% over the past 24 hours, amounting to a daily trading volume of almost $730 million.
Some market watchers highlighted Shiba Inu’s recent performance, suggesting the token is preparing for a huge rally in the coming days. Analyst Globe of Crypto stated that SHIB is looking positively at retesting the resistance of the Descending Broadening Wedge pattern.
According to the afterIf the 1-day candle surpasses the $0.000019 resistance level, the memecoin could see a breakout from the formation. This zone was a crucial recovery level for the Shiba Inu’s 136% rally in early March.
As a result, the analyst believes that a successful break and regain of this level could trigger a “100-110% bullish wave,” which could push the price towards the $0.000040 zone.
Is $0.000081 the next big target?
Crypto analyst Javon Marks predicted a 351% increase towards SHIB’s all-time high (ATH) levels. The analyst noted that Shiba Inu broke out of a multi-month falling wedge pattern in early 2024, sending the price to first-quarter highs.
Since then, the memecoin has been moving within a new multi-month bearish wedge formation, after registering a 70% correction from its yearly high of $0.000043. SHIB broke out of this pattern around the end of the third quarter, kicking off the token’s one-month 58% rally.
Despite the recent market setback, the analyst notes that Shiba Inu remained above breakout levels, confirming a “bull pattern with the RSI on the daily chart.” Marks believes the memecoin’s next surge is in its early stages and sets the rally target at $0.000081.
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Similarly, another market watcher shared his positive outlook for the Shiba Inu price. Investment Port Analyst suggested that current levels of SHIB are not a cause for concern as there is “no long-term trend reversal.”
For the analyst, the memecoin levels to watch are between the prices of $0.0000133-$0.00001444, as losing this support zone could mean a trend shift. However, Shiba Inu needs to regain the $0.000020 mark to continue its upward trajectory.
At the time of writing, SHIB is trading at $0.00001828, up 8% in the daily time frame.
Featured image from Unsplash.com, chart from TradingView.com