Is SHIB’s 120% Surge Imminent? Experts Eye Breakout Amid Tightening Bollinger Bands

Author : Andrew Stauss | Published On : 06 May 2024

Shiba Inu (SHIB) bulls are anticipating a potential breakout as the meme cryptocurrency forms a bullish flag consolidation pattern on the H8 timeframe. This pattern follows a period of decline, suggesting an imminent breakout and a possible 120% upsurge. Analysts like World of Charts believe a successful breach of the downward channel could propel SHIB to reclaim lost highs and potentially reach $0.00005434, marking a new yearly peak.

SHIB’s 24-hour trading volume is up by 8.10%, hinting at a potential breakout, supported by a two-digit monthly gain. Tightening Bollinger Bands on the daily timeframe echo patterns seen before the late February rally, suggesting a similar price surge could be on the horizon.

Additionally, EMA (Exponential Moving Average) around $0.000025 signals a bullish trend as SHIB’s current price hovers around $0.00002474. A successful move above the upper Bollinger Band at $0.00002753 would solidify short-term bullish sentiment. Derivatives data from Coinglass shows a surge in Open Interest and long positions, indicating growing confidence in SHIB’s recovery potential.