Here are 3 Reasons for Shiba Inu Price to Rally 43%

Shiba Inu (SHIB) is down 1% in 24 hours, extending the ongoing correction after bulls faced rejection at $0.0000159 over the weekend. However, technical analysis and two on-chain metrics hint at an incoming 43% Shiba Inu price surge to $0.000021.

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Catalysts That May Drive a 43% Shiba Inu Price Rally to $0.000021

Like most meme coins, Shiba Inu tends to track Bitcoin’s price movements. At press time, BTC had shed 0.7% of its value, which explains the ongoing downtrend in SHIB price. However, with the market sentiment still in “greed” territory, SHIB has room to recover. The main catalysts that will drive this recovery include:

• Bull flag pattern teases 43% surge
• Social volumes explode by 155%
• Network profit/loss ratio signals a SHIB bottom

Bull Flag Pattern Teases 43% Surge

A bull flag pattern has emerged on Shiba Inu’s daily price chart. This pattern occurred as the price of Shiba Inu recorded a downward correction after a sharp surge.

The height of the flag pole projects that if SHIB can breach the resistance from the upper boundary of the parallel channel, it will register a 43% price gain to $0.000021. At this point, Shiba Inu will be close to its 2025 highs of $0.000024.

The downward sloping ADX line adds weight to this bullish Shiba Inu price forecast. As it tips south, this metric indicates that the downtrend in the parallel channel is growing weak, and a bullish breakout may occur.

SHIB/USDT: 1-day ChartHowever, the RSI shows that bulls are not willing to relinquish their control, with the reading of 50 showing that the market sentiment is neutral. This may hinder Shiba Inu’s ability to make significant price gains.

Social Volumes Explode 155%

Meme coins tend to perform based on hype. Whenever there is much hype around a meme coin, it drives retail interest towards it, leading to notable price gains. The hype around SHIB is already rising, with data from Santiment showing that the coin’s social volumes have increased by 155% within 24 hours.

SHIB Social VolumesIn early May, the SHIB price soared by 30% within days after this metric surged. Therefore, as social volumes continue to rise, this top-performing meme coin will likely reach $0.000021.

Network Realized Profit/Loss Signals SHIB Bottom

The Network Realized profit/loss metric signals that the Shiba Inu price has reached a local bottom. In 24 hours, this metric had dropped from 104,000 to -652,000, suggesting that most SHIB holders are now in loss-making territory.

SHIB Network Realized Profit/LossIn the past, this decline often signaled a bottom formation, as Shiba Inu bounced shortly after. If this is the case, a price rally to $0.000021 is imminent. This bottom signal also coincides with a dip in the SHIB/DOGE ratio, which further supports the bullish thesis.

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Final Take

As technical analysis shows a bull flag pattern formation, it is likely that the Shiba Inu price rallies by 43% to $0.000021. Moreover, two on-chain metrics – Network Realized Profit/Loss ratio and social volumes support the likelihood of such a rally.

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Frequently Asked Questions (FAQs)

1. Can Shiba Inu price rally by 43% to $0.000021?

Shiba Inu price can rally by 43% to $0.000021 after forming a bull flag on the daily chart. If it breaks out from the flag’s resistance, the height of the flag pole shows that a 43% rally will commence.

2. What do the surging social volumes show about SHIB?

Surging social volumes are bullish for Shiba Inu. They signal rising hype towards the meme coin, and this will likely drive the next bull run.

3. Has Shiba Inu formed a local bottom?

Shiba Inu appears to have formed a local bottom after the Network Realized profit/loss ratio signalled that most investors are sitting in losses.

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