Shiba Inu (SHIB) Set for Potential 50 percentage Rally, Analysts Predict Major Upside

Shiba Inu (SHIB) is positioning itself for a significant bullish breakout, with analysts forecasting a potential surge of over 50% in the altcoin’s value.

This comes as multiple bullish patterns are emerging on SHIB’s technical charts, suggesting a strong possibility for substantial short-term gains.

In a tweet on November 21, renowned analyst Ali Martinez highlighted that SHIB has formed a bullish bull flag pattern on its 1-day chart. This pattern is widely regarded as a strong indicator of upward price movement, and typically, a breakout above it leads to notable gains. Martinez has predicted that if SHIB successfully breaks above the $0.000025 resistance level and maintains that position, it could rise to $0.000037, marking a 54% increase from its current price.

Taking a more optimistic stance, independent analyst Javon Marks noted that SHIB has already broken out of a multi-month falling wedge pattern, another solid bullish signal. Marks envisions a potential rally that could push SHIB’s price to $0.000081, representing an eye-catching 200% surge from current levels.

SHIB’s Performance and Market Activity

On November 22, Shiba Inu was trading at $0.000026, up 2.2% from the previous day, with a market capitalization of over $14.5 billion. This marks a significant 92% increase from its lowest point in August, highlighting the strong momentum that SHIB has been experiencing.

Several key catalysts have been driving SHIB’s recent rebound, including a notable increase in token burns and growing activity on the Shibarium network. Shiburn data revealed a staggering 2,200% spike in SHIB token burns, with 14.58 million tokens removed from circulation. This brings the total number of burned tokens to over 410.7 trillion, reducing the circulating supply to 583.8 trillion.

The growth of Shibarium, SHIB’s layer-2 blockchain, has also contributed to its price momentum. Over the past few months, Shibarium has processed over 541 million transactions, and as transaction fees in BONE tokens are partially converted into SHIB and burned, the supply of SHIB continues to decrease, further supporting bullish sentiment.

Whale Activity and Broader Market Trends

SHIB’s recent price surge has also been fueled by an increase in whale accumulation. According to data from IntoTheBlock, large holders’ net flow surged by 256% on November 21, with whales accumulating 393.48 billion SHIB tokens, worth over $9.8 million. This is a stark contrast to the previous day, which saw a $6 million sell-off.

Moreover, SHIB’s rally could be bolstered by Bitcoin’s ongoing surge, which has helped reignite bullish sentiment across the broader cryptocurrency market. Bitcoin’s recent price action, surpassing $99,000, has led to a 5.3% rise in the total market capitalization of altcoins, including SHIB.

Technical Indicators Point to Continued Gains

Looking at the SHIB/USDT daily price chart, SHIB is trading above both the 50-day and 200-day Exponential Moving Averages, signaling that the bullish trend remains intact and is likely to continue in the short term. The Relative Strength Index (RSI) of 59 further supports this outlook, indicating that there is still room for additional gains before SHIB enters overbought territory.

Additionally, SHIB is trading above the middle Bollinger Band, which is often seen as a sign of increased buying pressure—another positive indicator for the ongoing rally.

With these bullish technical indicators and strong market catalysts in play, it seems likely that SHIB’s rally will persist, with the next potential target being its year-to-date high of $0.000036. Traders and investors will be keeping a close eye on SHIB’s price movements in the coming days to gauge whether it can break through key resistance levels and sustain its upward momentum.