Shiba Inu (SHIB) has recently faced a 1% dip over 24 hours, driven by a broader crypto market pullback. However, a bull flag pattern has formed on the token’s daily chart, hinting at a 43% upside toward $0.000021.
- The flagpole suggests that a breakout above the channel resistance could launch SHIB toward levels last seen near its 2025 highs.
- The Average Directional Index (ADX) is trending downward, indicating that bearish momentum is waning. This shift increases the likelihood of a breakout.
- Meanwhile, the Relative Strength Index (RSI) sits at a neutral 50, suggesting the market is not yet overheated and may still have room for a move higher.
This technical setup aligns with market sentiment, where the Crypto Fear & Greed Index remains in “greed” territory, indicating an overall bullish environment for meme coins like SHIB.
Social Hype Surges 155%
For meme coins, social sentiment plays a crucial role in price movements. Data from Santiment shows that SHIB’s social volumes spiked by a massive 155% over the past 24 hours.
- Historically, similar surges in social buzz have preceded major price rallies. In early May, a comparable jump in social volumes led to a 30% increase in SHIB’s price.
- This renewed hype suggests retail traders are re-engaging with the token, further fueling bullish momentum.
The rising online chatter around SHIB mirrors broader crypto community enthusiasm, positioning it for a potential breakout.
Network Metrics Point to Bottom
A key on-chain indicator, Network Realized Profit/Loss, suggests SHIB may have reached a local bottom. Over 24 hours, this metric dropped from 104,000 to -652,000, signaling that the majority of holders are now sitting on losses.
- Historically, such sharp drops have marked bottom formations for SHIB, often followed by strong rebounds.
- Additionally, the SHIB/DOGE ratio has dipped, indicating that SHIB may be poised for relative outperformance.
Together with the bullish flag pattern and soaring social volumes, this network metric paints a compelling picture for a 43% rally to $0.000021.