Shiba Inu (SHIB) Price May Surge by 150% Soon: Here's Why

Shiba Inu's value has declined significantly over the past few months and is currently hovering at its lowest level since last September. This article explores why the Shiba Inu coin may surge by 150% soon.

Shiba Inu’s value has declined significantly over the past few months and is currently hovering at its lowest level since September last year. SHIB has decreased by more than 60% from its peak level in November, bringing its market cap to about $8 billion.

This article explores why the Shiba Inu coin may surge by 150% soon.

Shiba Inu Price Technicals Point to a Surge

The daily chart shows that the SHIB token price has declined significantly in the past few months. It has decreased from $0.00003326 to the current $0.000013. It has dropped below the crucial support at $0.00002170, which was the highest swing last September.

SHIB coin has formed a falling wedge chart pattern, which comprises two descending and converging trendlines. This wedge is one of the most bullish reversal chart patterns in the market, suggesting a possible imminent surge as the lines are about to converge.

The two lines are converging near the key support at $0.00001261, its lowest level in July, August, and September last year.

Shiba Inu has also formed a cup-and-handle chart pattern. This pattern consists of a horizontal trendline at $0.00002920 and the rounded bottom pattern. The wedge pattern forms part of the handle section.

The Shiba Inu price is near forming a bullish divergence pattern. The Percentage Price Oscillator (PPO) is moving upwards, and the Relative Strength Index (RSI) is continuing to rise.

Therefore, the coin will likely have a strong bullish breakout, with the next point to watch being $0.00002920, up by about 150% from the current level. A decline below the support at $0.000010 will invalidate the bullish outlook.

SHIB chart by TradingView

Potential Catalysts for SHIB Coin Price

Several factors could influence the Shiba Inu price. First, the coin could benefit from potential Federal Reserve interest rate cuts.

Data shows that the US dollar index and bond yields have plunged to the lowest level in months. This is a sign that the market anticipates the Fed will start to slash rates, a potentially bullish sign.

Second, Shiba Inu’s price may benefit from a potential Bitcoin price surge in the coming months. BTC has surpassed $90,000 and is likely to reach above $100,000 soon. SHIB will likely perform well if Bitcoin surges to a new all-time high.

Further, SHIB may benefit from the upcoming rotation from the recently launched Solana meme coins to traditional ones. That’s because many of these Solana meme coins have collapsed, and SHIB has a history of declining and rebounding.