November 11, 2024

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Next Move for Shiba Inu Stock: SHIB Key Signals Point to Breakout Above…

Next Move for Shiba Inu Stock: SHIB Key Signals Point to Breakout Above…
  • Shiba Inu price has been consolidating in an uptrend since July 15.
  • SHIB’s net book value ratio rose, but the rest of the market indicators pointed to a successful breakout.

Shiba Inu [SHIB] Bears have been dominating the market for the past 7 days as the weekly chart of memecoin was in the red. However, the trend has changed in the past 24 hours.

In fact, the best news was the emergence of a bullish pattern on the memecoin chart. A successful breakout could lead to a significant price surge.

Bull pattern on Shiba Inu chart

According to CoinMarketCap DataSHIB price dropped by more than 2% last week. Things changed over the last day as bulls stepped in and pushed memecoin price up by 2.4%.

At the time of writing, Shiba Inu was trading at $0.00001721, with a market cap of over $10.14 billion, making it the 13th largest cryptocurrency by volume. Meanwhile, a bullish falling wedge pattern has emerged on the 12-hour chart of SHIB.

Falling Wedge Pattern on Shiba Inu Chart

Source: TradingView

This pattern appeared on July 15th, and since then SHIB stock has been consolidating within it. At the time of writing, it is on the verge of a breakout.

Therefore, AMBCrypto planned to take a closer look at the SHIB situation to see the chances of a successful breakout, which could lead to a sharp rally.

Are SHIB metrics positive?

AMBCrypto’s analysis of Glassnode data reveals a bearish metric. The NVT ratio for memecoin has been rising over the past few days. Typically, a rising metric means the asset is overvalued, signaling a price correction.

SHIB's net book value ratio increased

Source: Glassnode

According to Santiment data, whales also did not make any major moves last week, which was evident from the flat width maintained by the top headlines.

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However, buying pressure increased slightly last week. Over-the-counter inflows increased and the supply of cryptocurrencies on exchanges decreased, indicating that investors were buying Shiba Inu.

SHIB's FX Inflows Rise

Source: Santiment

We then examined the daily chart of memecoin to see what market indicators were indicating regarding a breakout from the bullish falling wedge pattern.

We found that its Relative Strength Index (RSI) registered a slight increase. Chaikin Money Flow (CMF) also moved north, and both of them registered a continuous increase in price.


is reading Shiba Inu [SHIB] Price prediction 2024-25


If this happens, 10 investors could see SHIB hitting $0.00001933 in the coming week. A rise above this level could push SHIB to $0.0000259.

However, in case the downtrend reverses, SHIB may drop to $0.000019 in the coming days.

Shiba Inu

Source: TradingView