Shiba Inu price is in the process of validating a crucial bullish pattern, likely to send it up 16.25% from the breakout point to $0.00001208. As previously discussed, the second-largest meme coin rebounded after tagging support at $0.000000960.
Shiba Inu Price Eyes A 16% Move Amid A Trading Volume Blast
Shiba Inu’s trading volume zoomed past the $100 million mark, brushing shoulders with $135 million over the last 24 hours. The surge in volume across exchanges comes just days after the tech giant Google announced support for SHIB payments following a strategic partnership with Coinbase.
According to live price data from CoinMarketCap, SHIB’s trading volume is up 19.72%. Centralized exchanges (CEXs) account for $133 million of the volume, with decentralized exchanges (DEXs) bringing in only $2 million.
Shiba Inu Price Prediction: Forecasting A Sustainable Bullish Move
An inverse head-and-shoulders (H&S) pattern on the four-hour chart could be the motive behind the high trading volume. This highly bullish pattern often leads to a bullish trend reversal.
The left shoulder (valley) appears first, followed by a longer valley (head), and the pattern matures with a second higher valley (shoulder). Traders usually look for long positions when trading this pattern. Its breakout target is the distance between the head and the neckline.
SHIB/USD four-hour chart
Shiba Inu price is now trading slightly below the neckline resistance. A break above that same level is necessary to ascertain the validity of the trend.
Meanwhile, the 50-day SMA (Simple Moving Average) is in line to give SHIB immediate support at $0.00001030. The MACD (Moving Average Convergence Divergence (MACD) dons a buy signal on the same four-hour chart. In other words, a bullish outcome is looking likely based on these indicators.
The MVRV (market value realized value), an on-chain metric by Santiment, shows that investors consider SHIB to be in a buy zone. An MVRV reading below the mean line (0.00) infers that the Shiba Inu price is undervalued.
With that in mind, investors are unlikely to sell until the MVRV returns above the mean line. In other words, there is a higher probability that demand will increase, and SHIB will move north to validate a 16.25% breakout to $0.00001208.
Shiba Inu MVRV Ratio
The bear market seems strong and far from over owing to the unhealthy global economic environment. Traders should consider booking early profits to avoid bull traps, especially when insight from the IOMAP model by IntoTheBlock is considered.
Shiba Inu IOMAP chart
From the above chart, Shiba Inu price recovery could fade at $0.00001100. Approximately 23,200 addresses purchased 67.33 trillion SHIB tokens around this area. As the price recovers, these holders may sell to breakeven, which builds downward pressure.
Meme Coin Alternative: Tamadoge (TAMA)
Given Shiba Inu’s large supply, holders will likely be waiting a long time for SHIB to hit $1 per coin.
An alternative project, Tamadoge has a 275,000x smaller circulating supply, meaning TAMA requires much less effort to reach $1 than other meme coins on the market, including even DOGE.
Analysts believe that Tamadoge is still one of the best-positioned meme tokens on the market due to its popular NFT drops and upcoming Metaverse projects.
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