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Shiba Inu (SHIB) is showing signs of a bullish breakout that could see its price surge by approximately 12%. The daily chart reveals a sustained uptrend, supported by a series of higher lows and higher highs on Shiba Inu daily chart – a textbook indicator of bullish momentum. The recent price movements have traced a pattern that points toward further growth, suggesting that SHIB could be on the cusp of reaching a new high.
Technical analysis reveals that SHIB is currently in a solid uptrend, with its price trading above both the 50-day and 100-day moving averages, which act as dynamic support levels. This alignment typically indicates a strong bullish presence in the market, underpinning the current price and providing a launchpad for further increases.
The Relative Strength Index (RSI) is hovering at a stable level, neither overbought nor oversold. This stability in the RSI suggests that SHIB has room to grow without immediate risk of a major sell-off due to overvaluation.
Looking at the volume profile, there has been a noticeable increase in trading activity during the upswings, which points to growing investor interest and potential accumulation phases. Volume often precedes price, and the increased buying pressure could be a precursor to a significant price hike.
In addition, the crypto community has been abuzz with headlines that bolster investor sentiment around Shiba Inu. From the token's increasing burn rate, which decreases supply, to its growing ecosystem and the prospects of Shibarium, SHIB's own blockchain, there is a slew of positive developments contributing to the hype.
Should SHIB maintain its current trajectory and market conditions remain favorable, a 12% increase from its current position is within reach. It is essential to remember, however, that meme assets are notoriously volatile, and while the signs are promising, approach the asset with caution.