SHIB Chart Analysis: Signs Point to Upcoming Bullish Rally for Shiba Inu
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- The Shiba Inu (SHIB) token has gradually transitioned from a speculative-reliant meme coin to a utility-based altcoin.
- Following the notable adoption of SHIB, the Ethereum-based meme coin is expected to scale beyond the $100 billion market cap during this crypto bull cycle.
Shiba Inu (SHIB), an Etheruem-based meme coin and the second largest dog-themed altcoin after Elon Musk-backed Dogecoin (DOGE) has recently shifted from a bear market consolidation to a bullish outlook.
The large-cap meme coin, with a fully diluted valuation of about $30 billion and nearly 1.4 million holders, has rallied more than 181 percent to trade around $0.000030 on Friday during the London session.
Short-Term SHIB Price Expectations
After a strong breakout from a cup with a handle base in February, the Shibarmy is more than determined to push the meme coin to a new all-time high in the coming months. As Crypto News Flash recently pointed out, the Shiba Inu community continues to celebrate the tangible advancement of the Shibarium layer two solution. Moreover, more than $3.6 million has been locked in the Shibarium network by a dozen of web3 protocols.
From a technical perspective, via the Elliott Wave principle, SHIB price is in the early stages of the macro bull market, with more gains to be booked in the coming quarters. Furthermore, SHIB price has already broken out of a bullish flag on the daily time frame and is currently retesting the move in preparation for an inevitable rally.
Notably, SHIB price has been making higher highs and higher lows in the 1-hour time frame, thus indicating that the bulls are attempting to push towards the all-time high soon. Worth noting that the SHIB weekly Relative Strength Index (RSI) has remained above the 70 level in the past few weeks for the first time in more than two years.
Consequently, it is safe to assume that the SHIB bulls are in control and further growth will be recorded during this cycle.
Why Bet on Shiba Inu?
As formerly reported by Crypto News Flash, Shiba Inu has received tremendous support from the Ethereum co-founder Vitalik Buterin. In his latest op-ed on meme coins, Buterin highlighted that meme coins must evolve from basic speculation to fun-based altcoins through the web3 GamiFi ecosystem.
What else could memecoins be?https://t.co/8ZVhwkVwLy
— vitalik.eth (@VitalikButerin) March 29, 2024
The Shiba Inu ecosystem has significantly morphed into a utility-based meme coin through the Shibarium layer two scaling solution. With the latest Dencun upgrade for the Ethereum network, all layer two-based solutions are now enjoying low transaction fees to enable seamless mass adoption.
The notable adoption of the Shibarium network has helped increase the SHIB burn rate, thus increasing the value of the existing tokens. The Shiba Inu network and its vast ecosystem of tokens have received significant support from institutional investors seeking to diversify their crypto portfolio.
Furthermore, SHIB has liquidity in WETH of more than $14 million on various decentralized exchanges (DEX) led by Uniswap (UNI). Consequently, SHIB traders can seamlessly trade the meme coin without much worry about price volatility.
