
Jakarta, Pintu News – Shiba Inu experienced an uptick on July 16 and performed better than most meme coins, with an increase of 5.28% to trade at $0.0000136.
This rise comes on the heels of high social volumes, indicating a huge surge in retail trading interest. Meanwhile, a bullish pattern has formed indicating that the Shiba Inu price has the potential to rally by 110% to its highest level since January.
After today’s impressive rally, SHIB prices may still be on a bullish path for the next few weeks due to the formation of a double-bottom pattern seen on the one-day chart.
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In most cases, this pattern signals that the price trend will start to favor bullish traders, as the price enters a phase where it forms a series of higher highs.
However, this pattern will only materialize as illustrated if the buying pressure continues to increase and the rise that started from the second bottom continues. Considering that Shiba Inu prices often experience volatility due to traders taking profits by selling after short rallies, this uptrend may not be smooth.
This major meme coin asset could face various rejections from resistance levels before a rally is truly formed.

The main sign that a 110% rally towards the double-bottom target will occur is if Shiba Inu manages to break the resistance at the 200-day SMA level at $0.0000147.
If the price can move above this level and reach $0.000017, it will confirm the bullish thesis that there is still further upside potential.
As mentioned earlier, the target after the breakout of the main resistance is $0.000029, which means a jump of 110% from SHIB ‘s current price. However, the only way for this huge rally to happen is if the RSI continues to increase and prints higher highs above the 50 level.
This view supports previous analysis from the CoinGape website which stated that the SHIB price may be on the verge of rallying towards $0.000030 due to increased whale buying activity and increased network activity.
Social volumes around the SHIB token meme are on the rise, and this could be one of the factors supporting a bullish long-term Shiba Inu price prediction.
The volume has risen to its highest level since January, with a 126% surge in the last 24 hours according to data from Santiment.
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This increase in volume shows that more people are talking about SHIB, and if this trend continues, traders could start buying more coins and contribute to the buying pressure that is driving the price rally.

One of the reasons behind this increased volume is the current upward trend in Ethereum price, which has also outperformed Bitcoin in the last 24 hours (16/7).
As ETH rallied, Ethereum -based meme coins were in a good position to score a big rally.
In summary, Shiba Inu prices are likely on the verge of a solid upward movement, supported by buying interest from retail traders who are expected to start buying as social volumes increase.
The daily chart shows that the most likely path that SHIB price will take is a rally of 110% towards $0.000029.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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