SHIB could surge over 50% if this event unfolds.

Shiba Inu (SHIB) is positioning itself for a potential massive rally, with analysts predicting significant upside in the near future, driven by multiple bullish indicators.

Bullish Patterns and Predictions

Analyst Ali Martinez highlighted a bull flag pattern on SHIB’s 1-day chart, a technical indicator that often signals substantial gains once the price breaks above the pattern. Martinez suggests that if SHIB breaks and holds above the key resistance level of $0.000025, it could surge by up to 54%, potentially reaching $0.000037.

Independent analyst Javon Marks offered an even more optimistic outlook, noting that SHIB has broken out of a multi-month falling wedge pattern, a strong bullish signal. Marks forecasts a rally that could see SHIB reaching as high as $0.000081, which would represent an increase of over 200% from its current levels.

Catalysts Driving SHIB’s Momentum

Several factors are contributing to SHIB’s bullish momentum. A key catalyst is the increase in token burns, which has significantly reduced the circulating supply. On November 21, data showed a 2,200% spike in SHIB burns, with 14.58 million tokens removed from circulation. This has brought the total burned tokens to over 410.7 trillion, reducing the supply to 583.8 trillion tokens, which is bullish for the price.

Another factor driving SHIB’s momentum is the surge in activity on Shibarium, the Shiba Inu layer-2 blockchain. Shibarium has processed over 541 million transactions, and the transaction fees collected in BONE tokens are partially converted into SHIB and burned, further decreasing the circulating supply.

Whale Activity and Market Sentiment

SHIB has also seen increased whale accumulation. On November 22, whale netflow surged by 256%, with whales purchasing 393.48 billion SHIB tokens worth over $9.8 million, a stark contrast to the previous day’s sell-off. This accumulation from large holders indicates strong market confidence.

Furthermore, SHIB’s price performance has been bolstered by the ongoing surge in Bitcoin. As Bitcoin continues to rise, currently trading above $99,000, the broader cryptocurrency market has seen a boost, lifting altcoins like SHIB.

Technical Indicators

On the technical side, SHIB is trading above both its 50-day and 200-day exponential moving averages, signaling that the bullish trend is intact and could continue in the short term. The Relative Strength Index (RSI) is at 59, which indicates that SHIB has room for further gains without being overbought. Additionally, SHIB is above the middle Bollinger Band, suggesting increasing buying pressure, which is another positive sign for the ongoing rally.

Given these bullish patterns, the rise in Shiba Inu token burns, Shibarium’s growth, whale activity, and strong technical indicators, SHIB is well-positioned to continue its upward trajectory. Analysts predict that the next potential target could be the year-to-date high of $0.000036, and if the bullish momentum persists, even higher levels are within reach.