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Shiba Inu (SHIB) has made quite a splash lately, as it seems the market is warming up to the dog-themed cryptocurrency. We’ve seen significant gains in recent days, and many are asking if this is just a blip on the radar or a sign of a larger trend about to take place.
Recent developments have led some to speculate that SHIB could be on the cusp of a major rally. The question remains: Can SHIB Rally 2x in July?
Recent Performance
SHIB has been making waves as it gained 17% over the past week, marking its best performance since November. On-chain data suggests institutional investors and major holders are stepping up their game by adding more SHIB to their portfolios.
The chart indicates that SHIB is in a downtrend channel formation, but we’re starting to see some signs of bullishness. The RSI (Relative Strength Index) has been consistently rising over the past week, which is often seen as a sign of increasing buying pressure and strengthening market sentiment.
Breakout Confirmation
Jonathan Carter, a respected analyst, noted that SHIB’s price action is now approaching its descending resistance line for the first time since the end of 2024. If this level is broken, we can expect to see significant upward momentum.
According to Jonathan Carter’s analysis, should SHIB cross this key resistance, it could propel the token up to a whopping 2x in July.
Potential Targets
SHIB’s potential targets include $0.00001500, $0.00001750, and finally, $0.00002500. As you can see, these prices represent significant jumps from its current price of $0.00001241.
The indicators also show that institutional investors are accumulating SHIB at a rate of 340 million tokens per week, which suggests growing confidence in the token’s potential.
Market Sentiment
We’ve seen some incredible price gains over recent days, and it seems many investors have started to take notice. The RSI continues to trend upward and is approaching the crucial 50 level, indicating rising buying pressure and a shift towards a more bullish market sentiment.
What are your thoughts on this?
Source: www.crypto-news-flash.com
