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Highlights
- Shiba Inu price eyes a 43% rally to $0.000021 as a bull flag pattern emerged on the daily chart.
- Social volumes have soared by 155% hinting at a potential surge in retail interest.
- The Network Realized Profit/Loss metric also signals that SHIB may have formed a local bottom.
Shiba Inu (SHIB) price has bounced from a daily low of $0.0000140 to a daily high of $0.0000145 as technical analysis teases that a 43% surge to $0.000021 is looming. Meanwhile, two on-chain metrics, including social volumes and Network profit/loss ratio, support a bullish forecast for this meme coin.
Catalysts That May Drive a 43% Shiba Inu Price Rally to $0.000021
Like most meme coins, Shiba Inu tends to track Bitcoin’s price movements. At press time, BTC had shed 0.7% of its value, which explains the ongoing downtrend in SHIB price. However, with the market sentiment still in “greed” territory, SHIB has room to recover. The main catalysts that will drive this recovery include:
- Bull flag pattern teases 43% surge
- Social volumes explode by 155%
- NetworkRealized profit/loss ratio signals a SHIB bottom
Bull Flag Pattern Teases 43% Surge
A bull flag pattern has emerged on Shiba Inu’s daily price chart. This pattern occurred as the price of Shiba Inu recorded a downward correction after a sharp surge.
The height of the flag pole projects that if SHIB can breach the resistance from the upper boundary of the parallel channel, it will register a 43% price gain to $0.000021. At this point, Shiba Inu will be close to its 2025 highs of $0.000024.
The downward sloping ADX line adds weight to this bullish Shiba Inu price forecast. As it tips south, this metric indicates that the downtrend in the parallel channel is growing weak, and a bullish breakout may occur.
However, the RSI shows that bulls are not willing to relinquish their control, with the reading of 50 showing that the market sentiment is neutral. This may hinder Shiba Inu’s ability to make significant price gains.
Social Volumes Explode 155%
Meme coins tend to perform based on hype. Whenever there is much hype around a meme coin, it drives retail interest towards it, leading to notable price gains. The hype around SHIB is already rising, with data from Santiment showing that the coin’s social volumes have increased by 155% within 24 hours.
In early May, the SHIB price soared by 30% within days after this metric surged. Therefore, as social volumes continue to rise, this top-performing meme coin will likely reach $0.000021.
Network Realized Profit/Loss Signals SHIB Bottom
The Network Realized profit/loss metric signals that the Shiba Inu price has reached a local bottom. In 24 hours, this metric had dropped from 104,000 to -652,000, suggesting that most SHIB holders are now in loss-making territory.
In the past, this decline often signaled a bottom formation, as Shiba Inu bounced shortly after. If this is the case, a price rally to $0.000021 is imminent. This bottom signal also coincides with a dip in the SHIB/DOGE ratio, which further supports the bullish thesis.
Final Take
As technical analysis shows a bull flag pattern formation, it is likely that the Shiba Inu price rallies by 43% to $0.000021. Moreover, two on-chain metrics – Network Realized Profit/Loss ratio and social volumes support the likelihood of such a rally.
Frequently Asked Questions (FAQs)
1. Can Shiba Inu price rally by 43% to $0.000021?
2. What do the surging social volumes show about SHIB?
3. Has Shiba Inu formed a local bottom?
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