- 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.
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.
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.
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.
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.
Source: TradingView
