Shiba Inu Price Surges 5.28% Amid 126% Social Volume Increase

Shiba Inu, a prominent meme coin, has recently formed a bullish double-bottom pattern, indicating a potential 110% price increase to $0.000029 if resistance levels are breached. This pattern suggests a reversal in the downward trend that SHIB has been experiencing, marking a significant shift in market sentiment.

The surge in SHIB's price is accompanied by a sharp 126% increase in social volumes, reflecting heightened trader engagement and community attention. This rise in social activity has drawn more retail investor interest, contributing to the overall bullish sentiment surrounding the cryptocurrency. The price of SHIB has increased by 5.28% over the past 24 hours, reaching $0.0000136, and outperforming many other meme coins.

The daily chart reveals a clear double-bottom pattern, which often precedes significant bullish moves. If the current buying pressure holds, SHIB may enter a phase of higher highs. However, the coin needs to break through some resistance levels before any serious uptrend can continue. The second important price point is the 200-day Simple Moving Average (SMA) of 0.0000147. A breakout above this level may confirm the optimistic expectations, potentially taking the price up to 0.000017 and setting the stage for a rally to the double-bottom price target of 0.000029.

The latest activity associated with SHIB indicates a rise in market interest towards it. A further increase in volume could mean an increase in retail purchasing. The resistance levels may be breached by the greater buying pressure, as the token is likely to increase in a steady fashion. The current price rise of Ethereum is also partially playing a role in boosting this activity as the Ethereum-based meme coins bask in the reflected glory.

Despite the bullish structure, the trajectory of SHIB could be characterized by short-term rejections due to profit-seeking trends typical of meme tokens. The rally will be strong provided that the token has RSI levels higher than 50 and can create an upward momentum. Further increases are likely to be sponsored by the further general increase in the RSI.

On the whole, the price, technical signals, and increased network activity of the Shiba Inu indicate that the token may be awaiting a significant volatility break. Once major resistance is overcome and the retail involvement keeps gaining momentum, SHIB can approach its intended price of the $0.000029 mark within the next several weeks.