- Shiba Inu prices began stabilizing in a bullish pattern on July 15th.
- SHIB’s NVT ratio increased, but the rest of the market indicators suggest the breakout was successful.
Shiba Inu [SHIB] For the past seven days, bears have been dominating the market as the weekly chart of Memecoin has been in the red, but the trend has changed in the past 24 hours.
In fact, the better news is that a bullish pattern has emerged on the meme coin’s chart, and if the breakout is successful, a massive bull run could occur.
Bullish pattern on Shiba Inu chart
According to CoinMarketCap: dataSHIB prices fell by over 2% last week, but things turned around on the final day as bulls stepped in and pushed the meme coin’s price up by 2.4%.
At the time of writing, Shiba Inu is trading at $0.00001721 with a market cap of over $10.14 billion, making it the 13th largest cryptocurrency. Meanwhile, a bullish descending wedge pattern has emerged on SHIB’s 12-hour chart.
Source: TradingView
This pattern emerged on July 15th and since then SHIB has been consolidating within the pattern, and at the time of writing it was on the verge of a breakout.
Therefore, AMBCrypto planned to take a closer look at the state of SHIB to find out the probability of a successful breakout that could lead to a bull market.
Are SHIB’s indicators bullish?
AMBCrypto’s analysis of Glassnode data revealed a bearish indicator: the meme coin NVT ratio has risen in recent days. An increase in the indicator usually means the asset is overvalued and signals a price correction.
Source: Glassnode
Whales also didn’t make any major moves last week, according to data from Santiment, as evidenced by a chart showing supply levels across top addresses remaining flat.
Still, buying pressure has picked up slightly over the last week, as the meme coin has seen increased outflows from exchanges and reduced on-exchange supply, suggesting investors are buying up the coin.
Source: Santiment
Next, we checked the daily chart of Memecoin to see what market indicators are suggesting in terms of a breakout from a bullish descending wedge pattern.
We have seen the Relative Strength Index (RSI) rising, as has the Chaikin Money Flow (CMF), both of which are indications of continued price growth.
read Shiba Inu [SHIB] Price Prediction 2024-25
If that happens, 10 investors could see SHIB hit $0.00001933 next week. Above that level, SHIB could rise to $0.0000259.
However, if the bearish trend reverses, SHIB may drop to $0.000019 in the coming days.
Source: TradingView
