Over the past 30 days, Shiba Inu has surged by 42.23%, surpassing a market cap of $11 billion and currently trading at $0.000001883. With technical indicators such as a double-bottom formation and a triangle pattern being tested, Shiba Inu shows potential to reach the $0.00000252 level by the end of the month. Supported by Bitcoin’s strong performance, Shiba Inu continues to show significant momentum in the meme coin segment.
Shiba Inu’s 30-Day Price Surge
As reported by Turkish NY Radio, Shiba Inu (SHIB), one of the most popular meme coins, has captured attention by gaining 42.23% over the last 30 days. Its market capitalization has crossed the $11 billion mark, and it’s currently trading at $0.000001883. SHIB saw a 4.11% increase in the past 24 hours and has gained 11.47% over the past seven days. This powerful uptrend has boosted Shiba Inu to its highest market cap in 30 days, placing it firmly on the radar within the meme coin space. But the question remains: Can Shiba Inu reach its 52-week high?
Shiba Inu Price Analysis
On the 4-hour chart, Shiba Inu rebounded from the 38.20% Fibonacci level at $0.0000017725, signaling a bullish reversal from the 100-day Exponential Moving Average (EMA). SHIB is now testing the neckline of the double-bottom formation and has reached $0.000001896, breaking through the 61.80% Fibonacci level. The meme coin has surpassed a short-term resistance trendline, strengthening the ongoing bull trend.
The triangular formation on the chart suggests an early breakout, signaling the potential for a double-bottom breakout. These technical indicators point to a strong upside potential in the short term for Shiba Inu.
Shiba Inu Price Targets
As Shiba Inu’s bullish momentum increases, the MACD and signal lines have crossed into positive territory on the 4-hour chart. The reappearance of positive histograms further strengthens the trend. Additionally, the 20, 50, 100, and 200 EMAs maintain a positive alignment, supporting upward movement. These EMA levels serve as key dynamic support points.
If Shiba Inu breaks the 61.80% Fibonacci level, it could challenge the resistance trendline at $0.0000021145. If the broader market continues to recover, Shiba Inu could reach its target of $0.0000025226 by the end of the month. However, if the price retraces, potential support levels are expected at $0.00000177 and $0.00000160.
Shiba Inu vs. Bitcoin
Shiba Inu’s rise coincides with Bitcoin surging past $68,000, further boosting SHIB’s momentum. Bitcoin’s strong performance has lifted overall market sentiment, allowing Shiba Inu to benefit from the positive trend. This solid performance in the meme coin category has caught the attention of investors, further contributing to the positive atmosphere in the crypto market.
Shiba Inu’s impressive 42.23% growth over the past 30 days has solidified its position among the top meme coins. Technical analysis shows that the ongoing test of the double-bottom formation and the continued uptrend suggest Shiba Inu may see further gains in the short term. However, as market conditions in the crypto space can change rapidly, investors are advised to remain cautious and prioritize risk management.
