Shiba Inu (SHIB) Break From Bitcoin Signals Market Strength

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In Brief

  • Shiba Inu’s price is primed for a rally that could result in the meme coin rallying by nearly 43%
  • SHIB’s correlation to Bitcoin is declining, which could result in an escape from BTC’s bearishness.
  • MACD has formed double bottoms on the daily chart, exhibiting the potential of a breakout.

Shiba Inu’s price shows signs of a massive rally but is awaiting a bullish trigger, which might come sooner than expected.

Consequently, the meme coin could note new highs, provided it manages to breach through some crucial resistances.

Shiba Inu to Jump on the Charts

Shiba Inu’s price is currently trading within a symmetrical triangle pattern aided by increasingly bullish market cues. The first of these is the Moving Average Convergence Divergence (MACD). This trend-following momentum indicator is used to identify potential buying and selling opportunities.

At the moment, this indicator is exhibiting receding bearishness. The double bottom formed by its bars on the histogram indicates increasing bullishness in the market. This would be confirmed once a bullish crossover occurs.

Shiba Inu (SHIB) Break From Bitcoin Signals Market Strength
Shiba Inu MACD. Source: TradingView

Secondly, the meme coin is attempting to chart its own path, escaping the influence of the biggest cryptocurrency in the world, Bitcoin. The correlation SHIB shares with BTC, despite being positive, is declining at the moment.

This shows that the dog-inspired token could be deviating from the bearish cues set by Bitcoin. Such a development would help the cryptocurrency to rise.

Read More: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024

Shiba Inu (SHIB) Break From Bitcoin Signals Market Strength
Shiba Inu Correlation with Bitcoin. Source: TradingView

SHIB Price Prediction: Ready to Rally

Shiba Inu’s price is in a symmetrical triangle pattern at the time of writing, changing hands at $0.00002744. A symmetrical triangle pattern is formed by converging trendlines, indicating a period of consolidation. It usually hints at an upward or downward breakout, signaling a potential continuation of the previous trend.

SHIB is close to breaking out, and based on the targets set by the pattern, the meme coin could chart a 43% rise. This would send Shiba Inu’s price to $0.00004816.

Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

Shiba Inu (SHIB) Break From Bitcoin Signals Market Strength
SHIB Price Chart. Source: TradingView

However, if the altcoin fails to breach a flip, the resistances marked at $0.00003063 and $0.00003500 could fall back. Falling through the lower trend line of the pattern would cause an invalidation of the bullish thesis, pushing SHIB to $0.00002400.

Top crypto platforms in the US | April 2024

This article is sourced from the internet: Shiba Inu (SHIB) Break From Bitcoin Signals Market Strength

Related: Shiba Inu (SHIB) Price Forecast: Will It Outperform Bitcoin?

In Brief Shiba Inu’s price surged 267% in 10 days, hitting a Fibonacci resistance at $0.000037, potentially signaling a new bullish cycle if surpassed. Despite bullish tendencies in weekly and daily charts, caution is advised due to heavily overbought conditions, with potential corrections finding support at $0.00003 and $0.00002. Mixed signals in the 4H chart show a bullish trend confirmed by a golden crossover but with bearish MACD lines, suggesting a decisive break at $0.00003 or $0.000037 for SHIB’s direction. The price of Shiba Inu (SHIB) has surged by over 226% against BTC in just ten days, even as BTC reaches new all-time highs. This significant increase reflects a broader trend seen in many other memecoins, suggesting a possible rise in the popularity and influence of memecoins in the current…

 

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