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- Shiba Inu could be on the verge of a significant bullish rally.
- SHIB is about to break out of a bullish falling wedge.
- NVT, RSI, and CMF indicators suggest a potential SHIB rally.
Shiba Inu could be on the verge of a significant bullish rally following signals from multiple technical indicators. The flagship memecoin surged 12% in the last four days, bouncing off an established swing-low to retest the upper level of a bullish falling wedge pattern. Analysts suggest breaking above this formation could see SHIB open the way for a significant bullish rally.
SHIBUSD Daily Chart on TradingView
Shiba Inu’s recent rally marked a reversal from a recent pullback that saw the memecoin drop from its $0.00002018 July high, which led to a 21% drop in SHIB’s price. However, bullish signs returned with the recent price behavior alongside other critical indicators.
Data from Glassnode shows Shiba Inu’s Network Value to Transaction Ratio (NVT) increased over the last few days. Although the NVT suggested a bearish sentiment for SHIB, the whales seem to have ignored the signal in the past week by not making any significant move.
Notably, Santiment’s data further confirms the whales’ reluctance to dump SHIB, with top network addresses holding a flat supply throughout last week. Instead, Shiba Inu experienced a slight increase in buying pressure, with its exchange outflow rising and its supply on exchanges reflecting a drop.
Other crucial indicators, including the daily Relative Strength Index (RSI) and the Chain Monkey Flow (CMF), point toward a potential SHIB rally. Hence, crypto market analysts are predicting SHIB could rally to $0.00001933 by next week, a break above which could see the top memecoin target $0.0000259.
SHIB traded for $0.00001688 at the time of writing, having pulled back from its July high of $0.00002018, according to data from TradingView.
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