Shiba Inu (SHIB) has seen its price rally 15% over the past week, now trading around the $0.000008 resistance level. The meme coin appears poised for further gains as bullish momentum builds.
SHIB needs to break above the 200-day moving average to confirm a trend reversal to an uptrend. Momentum is bullish, with the MACD line moving above the signal line and the RSI at 55. This indicates growing upside momentum.
On-chain data shows massive SHIB outflows of 841% over the past week. While this highlights declining volumes, Shiba Inu is known for its natural volatility. The data likely reflects intentions by major market makers.
According to popular TradingView analyst AlanSantana, SHIB is ready for a major bullish wave after forming a higher low in October versus June. Rising trading volumes with prices over the 100-day EMA and December 2022 lows confirm bullish potential.
Santana sees the potential for over a 500% gain in this newly developing bullish wave. The rally from June to August was just a preview, with the recent correction ending with a higher low – a bullish confirmation of what’s to come.
With bulls clearly in control, key resistance levels breached, and a popular analyst eyeing 500% upside, Shiba Inu appears positioned for massive gains ahead. The meme coin’s community and speculative fervor could take prices much higher if momentum continues.
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