Shiba Inu (SHIB), the second-largest dog-themed token, could be poised for a significant surge as Bitcoin regains its footing above the $38,000 level. Technical indicators and recent market trends suggest that SHIB could experience a substantial rally, potentially reaching a price of $0.00004. This represents a remarkable 380% surge from its current price of $0.000008331.
Currently up 1.72% in 24 hours following five consecutive weekly green candles from mid-October to early November, the price trajectory has been relatively muted in recent weeks.
However, Bitcoin has recovered from its recent dip and is now trading at $38,789.71, showing an increase of 2.65% in 24 hours. Although XRP and BNB have reduced their correlation with Bitcoin, SHIB still leverages positive trends exhibited by Bitcoin (BTC).
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One key indicator to watch is the Bollinger Bands, a widely used technical analysis tool that measures volatility and price movement. A confident weekly close above the middle band of the Bollinger Bands is often considered a bullish signal, suggesting a potential trend reversal.
Notably, SHIB has only registered two such confident weekly closes above the middle band in the past two years, both of which preceded significant rallies.
In October 2021, following a confident weekly close above the middle band, SHIB embarked on a remarkable 939% surge, culminating in its all-time high of $0.00008845 at the end of that month.
A similar pattern emerged in February 2023, when another confident weekly close above the middle band propelled SHIB towards a 47% increase, reaching a peak of $0.00001575.
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While SHIB recently attempted a similar bullish close above the middle band, it lacked the necessary conviction to trigger a substantial rally. However, the current market conditions and the asset’s tendency to follow patterns suggest that a repeat of the October 2021 and February 2023 scenarios could be in the making.
If Shiba Inu (SHIB) achieves a confident weekly close above the middle band of the Bollinger Bands, the potential 380% surge could push its price to $0.00004. This price target represents an average of the two rallies recorded in October 2021 and February 2023.
As Bitcoin’s recovery continues, traders and investors should closely monitor Shiba Inu’s price action in the coming days to determine if it can replicate the bullish closes observed in the past. While the cryptocurrency market remains volatile and unpredictable, some favorable predictions see a rally on the horizon for SHIB before the end of the year.
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