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Bitcoin’s Shiba Inu (SHIB) Hack Indicates Market Strength

Shiba Inu price is showing signs of massive upside but awaits a bullish catalyst, which could come sooner than expected. Therefore, the meme coin can reach new highs, provided it can break through crucial resistance.

Shiba Inu jumps in the charts

Professions Shiba Inu Price Currently inside a symmetrical triangle pattern supported by increasingly bullish market signals. Therefore, the first of these signals is the Moving Average Convergence Divergence (MACD). The Trend Following Momentum Indicator is also used to identify potential buying and selling opportunities.

Currently, this indicator shows a decline in the downward trend. The double bottom formed by its bars on the histogram also indicates an increasing bullish trend in the market. This will be confirmed once a bullish crossover occurs.

MACD Shiba Inu MACD.
Shiba Inu Macd. Source: Trading View

Next, the meme currency attempts to chart its own course, escaping the influence of the world's largest cryptocurrency, Bitcoin. The connection that SHIB shares with Bitcoin. Although positive, it is currently decreasing.

This indicates that the dog-inspired token may deviate from the bearish signals identified by Bitcoin. This development would also contribute to the rise of digital currency.

Read more: 4 best meme currencies in 2024 to invest

The Shiba Inu connection to Bitcoin.
The Shiba Inu connection to Bitcoin. Source: Trading View

SHIB Price Prediction: Ready to Rise

Shiba Inu price shows a symmetrical triangle pattern at the time of writing, trading at $0.00002744. The symmetrical triangle pattern consists of converging trendlines, indicating a period of consolidation. This usually indicates an upward or downward breakout, indicating a potential continuation of the previous trend.

SHIB is close to a breakout and, based on the targets set by the model, the meme could see a 43% rally. This would send the Shiba Inu price to $0.00004816.

Read more: Doge Coin Price Expectations in 2024 and Will the $1 Dream Come True?

SHIB/USDT chart on 12-hour chart.
SHIB Price Chart. Source: Trading View

However, if the altcoin fails to break the reversal, the resistance identified at $0.00003063 and $0.00003500 could move lower. A decline through the pattern's lower trendline could invalidate the bullish thesis, pushing SHIB to $0.00002400.

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