Shiba Inu’s price patterns have shown a seventh bullish signal from the Stochastic RSI, which usually leads to an average price increase of 146%.
Recently, Shiba Inu has benefited from a mini-bull rally, rising above $0.000017 after trading as low as $0.0000158 the previous day. Today, the price reached a daily high of $0.00001713, marking an 8.41% gain.
Analyst Predicts 146% Surge for Shiba Inu Based on Stochastic RSI
In a recent update, analyst Kevin highlighted a technical indicator that suggests Shiba Inu might be on the brink of a significant price increase.
According to Kevin’s analysis, Shiba Inu’s Stochastic RSI has crossed on a weekly basis seven times throughout its history. Each of these instances aligned with major support levels, leading to an average price surge of 146% for SHIB.
Kevin’s analysis. Source: X
Stochastic RSI Indicator Points to Potential 146% Surge for Shiba Inu
The Stochastic RSI indicator, used in crypto trading to identify overbought and oversold conditions, currently suggests that Shiba Inu is oversold or at a bottom price. This indicator compares the RSI value to its high and low ranges to signal market conditions.
At present, Shiba Inu is trading at a four-month low of around $0.000016, significantly down from its yearly high of $0.00004534. Historically, the Stochastic RSI has shown notable bullish trends for SHIB. For instance, in February, when SHIB was trading with five leading zeros, the Stochastic RSI crossed and led to a remarkable 400% price surge by March from a low of $0.000008806.
Kevin’s analysis reveals that a weekly Stochastic RSI cross occurred in November 2023, which was followed by an 80% price increase for Shiba Inu. In other instances, similar crosses have resulted in gains of over 100%.
According to Kevin, Shiba Inu has experienced an average price surge of 146% after six previous weekly Stochastic RSI crosses. The latest cross is emerging after SHIB hit a low of $0.00001294 on July 5, marking its lowest point since the recent market downturn.
Shiba Inu Poised for Potential Surge: Could Double in Value Soon
Recent signals suggest that Shiba Inu (SHIB) might double in value in the near future. The meme coin has already risen 30% from its recent local low. Historical patterns indicate that there is significant potential for further growth.
If SHIB follows its past performance and experiences a 146% surge, it would return to around $0.00004, near its yearly high. However, many market analysts are optimistic, predicting that SHIB could even reach a new all-time high in its next bull wave, with a potential target of $0.0001.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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