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Shiba Inu (SHIB), the second-largest memecoin by market capitalization, has seen an 8% daily surge following Bitcoin’s surge to $70,000. Amid the market volatility, the token is trying to recover a key resistance level, which could propel the price to a 110% rally.
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Shiba Inu To See 110% Surge Soon
Shiba Inu’s recent performance saw the cryptocurrency display red numbers in several timeframes. Following the market’s most recent pullback, SHIB retraced 13% to its lowest weekly mark of $0.00001632, registered on November 3.
However, the token has bounced 12% from its lowest seven-day price, recovering the $0.000018 resistance level on Thursday. SHIB’s performance is seemingly fueled by BTC’s recent jump back to the $70,000 mark, which sent the memecoin above the $0.00001855 resistance before retracing.
Moreover, the token’s daily activity increased 67% in the past 24 hours, seeing a daily trading volume of nearly $730 million.
Some market watchers highlighted Shiba Inu’s recent performance, suggesting that the token is preparing for a massive rally in the coming days. Analyst Globe of Crypto stated that SHIB is looking positively to retest the resistance of the Descending Broadening Wedge pattern.
Per the post, if the 1-day candle surpasses the $0.000019 resistance level, the memecoin could see a breakout from the formation. This zone was a crucial bounce level for Shiba Inu’s 136% rally in early March.
As a result, the analyst considers that a successful breakout and reclaim of this level could start a “100-110% bullish wave,” which could propel the price toward the $0.000040 zone.
Is $0.000081 The Next Big Target?
Crypto analyst Javon Marks predicted a 351% surge toward 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, which sent the price toward Q1 highs.
Since then, the memecoin moved within another multi-month falling wedge formation after registering a 70% correction from its year-high of $0.000043. SHIB broke out of this pattern around the end of Q3, kickstarting the token’s one-month 58% rally.
Despite the recent market retrace, the analyst notes that Shiba Inu held above the breakout levels, confirming “a bull pattern with the RSI on the daily chart.” Marks considers that the memecoin’s next leg up is in its early stage, setting the rally’s target at $0.000081.
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Similarly, another market watcher shared his positive outlook for Shiba Inu’s price. Analyst Investing Haven suggested that SHIB’s current levels are not a cause for concern since “there’s “no long-term trend violation.”
To the analyst, the memecoin’s levels to watch are between the $0.0000133-$0.00001444 prince range, as losing this support zone could signal a trend shift. However, Shiba Inu must reclaim the $0.000020 mark to continue its ascending trajectory.
As of this writing, SHIB is trading at $0.00001828, an 8% surge in the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com