Shiba Inu has enjoyed an explosive rally this week, fueled by a growing bullish sentiment in the crypto market.
But can SHIB continue to explode in the months ahead? Let’s find out.
SHIB Outpaces Market, Breaks Resistance Against DOGE
It seems the SHIB Army is waking up.
Shiba Inu has shown incredible strength this week, outpacing every other top 20 cryptocurrency.
However, the big news is its breakout against Dogecoin. The TradingView SHIB/DOGE pair shows that SHIB has just broken a multi-month selloff against Dogecoin with an explosive green candle.
It has now created a higher high, indicating the 6-month downtrend may be over.
And zooming out, the move confirms a new higher low amid a longer-term uptrend.
The Fibonacci Retracement tool tells us that SHIB could double in value against DOGE on the next leg.
It’s the same story when analyzing SHIB against USD.
Prominent Shiba Inu community member and trader SHIB Knight notes that SHIB is forming a “bull flag” and predicts an uptrend continuation. According to the analyst, the next lower time frame rally will push SHIB 20% higher to $0.00024.
On a higher time frame, analyst Solberg Invest highlights that SHIB’s recent pump has broken out from a falling wedge pattern. According to the analyst, this could enable a price increase to $0.00005.
The Shiba Inu price chart ticks all the boxes – but what about its fundamentals?
Shown by its recent momentum, SHIB remains a fan-favorite in the meme coin space. And as the second largest meme coin after Dogecoin, it holds exposure to the sector’s overall performance.
If the meme coin sector grows, so will Shiba Inu.
Like all altcoins, the meme coin sector follows Bitcoin’s lead. So, let’s take a quick look at BTC.
It has just formed a new higher high on its price chart by breaking $66K, marking an end to its bearish trajectory. This indicates a bull rally is on the horizon, which lays the way for meme coin growth.
The last time the market was bullish (Q1 2024), the meme coin narrative outperformed all others with a whopping 1,313% gain, according to CoinGecko.
With Shiba Inu’s price chart primed for gains, Bitcoin’s bullish outlook could enable a major SHIB rally, potentially hitting Solberg Invest’s $0.00005 target.
However, Shiba Inu is not the only meme coin showing strength this week. Others like Pepe, Dogwifhat, and Floki have also made big returns.
Meanwhile, some lower market cap meme coins have seen even more success. For instance, Moo Deng has exploded over 700%.
At the same time, a new low-cap presale meme coin called Crypto All-Stars is also gaining pace, with its total raise recently surpassing $1.7 million.
New Meme Coin to Watch: Crypto All-Stars to Build a Unified Meme Coin Staking Protocol
Crypto All-Stars is an innovative new cryptocurrency that brings the DeFi blueprint to meme coins.
The project is creating the world’s first unified meme coin staking protocol. It’s called ‘MemeVault’ and can support any meme coin on any blockchain. Users will be able to stake their joke tokens and earn $STARS rewards.
It’ll start with 11 of the top meme coins including Shiba Inu, Dogecoin, Pepe, and Floki. However, it has plans to add more later, ensuring it stays current with the latest market trends.
Those wanting to stake their meme coins must hold $STARS. And with the meme coin market worth over $50 billion, this could be a powerful catalyst for capital inflows.
Should that occur, it would lead to significant price appreciation due to Crypto All-Stars’ current thin liquidity.
Analyst ClayBro recently told his audience to “prepare for 10x gains.”
ClayBro also highlighted that users can stake their $STARS tokens, which opens them to more rewards.
$STARS staking is live now and currently offers an 870% APY.
The Crypto All-Stars presale provides investors an opportunity to participate from the ground floor.
The current price is $0.0014652, but this will rise throughout the campaign.
