Is Shiba Inu Geared Up for a 40%+ Rally? Let’s Find Out

Vignesh Karunanidhi
Shiba Inu
Source: BitcoinLFG

Shiba Inu has established itself as one of the most popular meme coins in the market. Since last year, investor interest in meme coins has increased significantly.

The Shiba Inu team has been working on a variety of projects to ramp-up its ecosystem. The team is developing and implementing several projects, giving DOGE a head-to-head competition for potential utility.

Meme coins, including DOGE, have been on a bullish rally in the last seven days. At the time of writing, DOGE and SHIB have gained 95% and 14.4% during this period. However, if SHIB is planning to keep its bullish stance, the SHIB community should brace for a surge.

Shiba Inu may rally over 40% if bullish stance remains

Shiba Inu is hovering around a stable support level, thanks to the recent investor confidence. SHIB is currently trading at $0.00001203 according to CoinMarketCap. It is currently down 6% in the last 24 hours.

SHIB displayed a decent rally that was much better than other altcoins amidst the prolonged bear market. Much of the rally can be attributed to the Elon Musk-DOGE hype that drove DOGE’s price. SHIB followed the leader and managed to end up giving decent profits to the holders.

After testing the $0.0000082 to $0.0000093 level, it touched a high of $0.00001488 before falling to its current price.

Even though whales are bagging profits and causing sell-offs, SHIB is trying its best to stay robust. If given the right market conditions and factors to trigger a bullish run, SHIB is likely to touch $0.0000189. That would be approximately a 40% rally. If it manages to cross that, it can then potentially create new support levels.

But things can also flip if the recent rally was just a bubble. A market reversal is definitely in the books if SHIB falls behind $0.0000118 support. It could trigger a free fall that might sink the coin further down in price.