Shiba Inu price may be on the verge of a massive 550% rally according to a top market analyst. This bullish SHIB price prediction comes after the meme coin formed a bullish triangle chart pattern, which signals a bullish breakout.
Shiba Inu price today trades at $0.0000123 with a slight 1% gain and a daily high of $0.0000125.
Analyst Forecasts 550% Rally for Shiba Inu Price
Popular analyst Javon Marks believes that Shiba Inu price could be on the verge of making a 550% rally towards $0.000155. In an X post, the analyst identified a hidden bullish divergence that could halt the ongoing SHIB downtrend and drive a trend reversal.
The analyst further observed that Shiba Inu made such a breakout in 2021 when the price of SHIB surged by more than 900%. If history rhymes and this pattern repeats, the meme coin begins making a series of higher highs, leading to the 500% rally.
Bullish Triangle Pattern Teases SHIB Gains
The analyst’s bullish Shiba Inu price prediction comes as SHIB formed a bullish ascending triangle pattern on the lower timeframe.
A look at the 4-hour price chart shows SHIB has been making higher lows while the resistance remains at $0.0000124. This shows a gradual increase, and if the buying pressure increases and pushes SHIB past this resistance level, it could drive the bullish momentum.
Technical indicators support this technical setup. The RSI stands at 48, which is close to the neutral level. This shows that the selling pressure is easing, which could support a strong uptrend for this top meme coin.
At the same time, the MACD indicator is making bullish signals. The MACD histogram bars have flipped green while the MACD line is also rising, which further suggests that the momentum is positive.
Despite this outlook, several factors indicate that SHIB might face headwinds in its attempt to break out of the bearish trends.
Bearish Case for Shiba Inu Price
Despite the bullish forecast and the strong technical outlook, several factors still make a bearish case for this meme coin. At press time, the SHIB burn rate had declined by 75%. As fewer tokens are being taken out of the circulating supply, it might impact SHIB’s potential to make strong gains.
At the same time, meme coins have recorded a significant decline in market capitalization. In the last 30 days, the total meme coin market cap has declined from $55 billion to $47 billion. This decline follows a decline in speculative activity, which might also cause bearish headwinds.
Due to the above factors, Shiba Inu price may face challenges in its attempt to make a rebound. However, flipping the $0.0000124 resistance level with strong buying volumes could support the uptrend.
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