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.
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 Chart
However, 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 Volumes
In 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/Loss
In 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.
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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muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
