Shiba Inu Price Prediction as SHIB Rallies 6.5% - How High Can it Go?
Shiba Inu price is moving swiftly north after revisiting lows below $0.00001000. The second-largest meme coin trades at $0.00001044, following a 6.5% climb in 24 hours. Bulls will likely beef up their efforts if SHIB cracks resistance at $0.00001100. Such a move will also invalidate Shiba Inu's extended downtrend within the confines of a falling parallel channel.
The falling channel's throughline was handy for SHIB on Thursday after slashing its value by slightly over 5% in a day. Now, all eyes are fixated on the token's ability to break free from the bearish shackles reinforced by the channel's upper boundary.
Shiba Inu price bullish breakout could be a matter of when – not if based on insight from the Stochastic oscillator, currently brushing shoulders with the midline. The index has formed a positive divergence from the moving average, a condition that may continue calling sidelined investors to join the uptrend and capitalize on SHIB's prospective swing to $0.00001797.
Bullish market participants must wait for Shiba Inu to validate movement above the falling channel before they activate their long orders. Moreover, a buy signal from the MACD (Moving Average Convergence Divergence) is necessary to ascertain the validity of SHIB's much-anticipated trend reversal.
This buy signal will manifest as the 12-day EMA (Exponential Moving Average) crosses above the 26-day EMA, blue. SHIB's uptrend will gain traction if the MACD settles above the mean line or even closes the gap to 100.00.
Shiba Inu price recovery might be well overdue if whale activity is considered. On-chain data from Santiment outlines a significant increase in supply held by top non-exchange addresses.
The chart below shows that the supply held by this cohort of
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