Shiba Inu (SHIB) looks set for a significant bullish breakout in the coming days with estimates showing the meme coin could surge above 40%. The coin has been one of the most incredible performers this year. Although it's still way lower compared to all-time highs in 2021, a whole lot more could still come from SHIB. Here is what we know thus far:
Shiba Inu has shown some commendable bullish alignment in all technical indictors and could surge over 40% in a few days.
The meme coin will however need to overcome overhead resistance at around $0.00003902.
But as with many meme coins, any negative sentiment on the crypto market could weigh heavily on any possible gains.
Data Source: Tradingview.com
Shiba Inu (SHIB) – price action and analysis
Despite reporting massive growth this year, SHIB has had several corrections in the last few months. After hitting monthly highs of $0.00005435 in November, the coin has seen a sharp decline, losing nearly 50% of its value since then. The meme coin is however looking good but is facing stiff resistance at $0.00003902.
At the time of writing, SHIB was trading slightly below that at $0.00003808, up 2% in intraday trading. Analysts feel that if the coin surges above the overhead resistance, then we are likely to see a sharp bullish uptrend in the near term. Also, we are watching to see if SHIB can recapture its 50-day moving average of $0.00004099.
Should you buy Shiba Inu (SHIB)
Meme coins are speculative assets and can be prone to wild volatility. So, they are not supposed to be held for a long time. In case you want to ride the short-term gains on SHIB before selling it, then this is the perfect time to buy. But for long-term value investing, SHIB is probably not for you.