SHIB has risen by 2% today, with the Shiba Inu price touching $0.00002399 on a day when the crypto market gains by 0.5% in the past 24 hours.
This price also means that SHIB has increased by 5.5% in the past week and by 15% in the past fortnight, with the meme coin also sitting on a 169% lift in a year.
And its gain today comes as its price chart forms a bullish pennant pattern, meaning that its resistance and support levels are converging on each other.
This could signal that the coin is very close to a big rally, something which the return of meme-stock trader Keith Gill has made likelier this week.
pic.twitter.com/D1bHJd0C1G
— Roaring Kitty (@TheRoaringKitty) May 15, 2024
Shiba Inu Price Prediction as Analysts Spot Bull Flag Formation – Is a Rally Imminent?
After rallying and dipping on each of the past two days, SHIB has rallied again in the past 24 hours, with its indicators looking very strong.
Its relative strength index (purple) touched 70 earlier this morning, and despite a tiny dip, it has settled at around 65, indicating ongoing momentum and buying pressure.
Source: TradingView
More promisingly, SHIB’s 30-day average (orange) has begun rising again, after having recently overtaken the 200-day average (blue).
The latter move is often a sign of a breakout and given that SHIB has risen strongly today, such a breakout appears to have recently begun.
The coin’s resistance (red) and support (green) levels are point to such a possibility, with analysts recently taking to social media to suggest that SHIB is close to doing something special.
$SHIB (Shiba Inu) in comparison to it’s similar, previous breakout and run to All Time Highs (ATH), looks to be only in an “intermission” phase here in prepartion for a continuation to and above the current ATH at $0.000088598 which is currently over 282% away from here!
In this… https://t.co/1w1C8dBNL8 pic.twitter.com/RfNV8nasxr
— JAVONMARKS (@JavonTM1) May 12, 2024
SHIB’s promising movements also come as the meme token market hots up, with PEPE also being a big winner over the past couple of days.
And the wider reason why the market has redoubled its interest in meme coins is that this week saw the return of GameStop instigator Keith Gill, better known as ‘Roaring Kitty.’
Gill’s reappearance after a three-year absence has sparked expectations that we’ll see a meme token season in the coming weeks, with traders already wading into meme coins in anticipation.
Yet more broadly, SHIB continues to be one of the strongest meme coins in the market, given its fundamentals.
It recently unveiled its upcoming privacy-focused layer-three network, while its layer-two network Shibarium has now processed well over 400 million transactions.
Based on its strength, the Shiba Inu price should reach $0.000030 in the next couple of months.
New Meme Tokens with Solid Fundamentals
While SHIB may be one of the ‘safest’ bets within the meme token category, it certainly isn’t the only mew coin with the potential to witness big gains in the coming weeks.
In fact, newer tokens may be in a better position to outperform the market, with several new meme coins holding very successful presales at the moment.
One of the best is WienerAI (WAI), a new Ethereum-based cryptocurrency that has raised more than $1.8 million in its sale.
WienerAI is more than a trading bot
It’s your AI trading companion!
More details coming SOON! pic.twitter.com/HG5C0tE6Rk
— WienerAI (@WienerDogAI) May 14, 2024
WienerAI is the native token of an innovative AI-based trading bot that will help investors trade more profitably.
As a chatbot, it answer trading queries and offer recommendations on potential winners, so that users can stay ahead of the market.
Yet it will also offer an atomic swap function, so that users can directly buy (or sell) any recommended coins through its platform.
On top of this, it provides protection against front-running bots and traders, enabling investors to make trades quickly and efficiently.
This gives it plenty of utility as a platform, while its native token, WAI, will have a fixed max supply of 69 billion tokens.
Also bullish is the fact that holders will be able to stake the coin for a passive income, something that will incentivize long-term holding.
Given that so many meme tokens depend entirely on hype and FOMO, the fact that WienerAI has genuine fundamentals puts it in a great position.
Investors can join its sale at the official WienerAI website, where 1 WAI is selling for $0.000707.
The sale will end once it sells 30% of WAI’s overall supply, with the token set to list – and possibly rocket – soon afterwards.
Buy WAI Today
The post Shiba Inu Price Prediction as Analysts Spot Bull Flag Formation – Is a Rally Imminent? appeared first on Cryptonews.