Shiba Inu Price Continues to Rally Amid Market Recovery
Shiba Inu price continued to rally on Tuesday as both the stock and crypto markets posted modest recoveries.
Shiba Inu (SHIB) climbed to $0.00001290, its highest level since March 29, and is now up nearly 30% from its lowest point this year.
The ongoing recovery was broad-based as Bitcoin (BTC) and most altcoins jumped. Bitcoin crossed the important resistance level at $90,000 for the first time since March 12. Other top altcoins like Fartcoin (FARTCOIN), Kaspa (KAS), and Bittensor (TAO) rose by double digits.
Shiba Inu price will likely continue to climb if Bitcoin leads the way. Historically, altcoins tend to follow Bitcoin during strong rallies. For instance, most altcoins surged in January as Bitcoin reached its all-time high of $109,300.
Some analysts are bullish on Bitcoin. In an X post on Monday, Arthur Hayes predicted that the coin would eventually rise to $100,000. Robert Kiyosaki, the author of Rich Dad, Poor Dad, predicted that it would surge to $180,000 by the end of the year. CryptoElites, an anonymous analyst on X, predicted that it will rise to $150,000.
Shiba Inu price has other potential catalysts. It has become one of the most deflationary meme coins because of its regular token burns. The coin regularly burns millions of tokens each day, resulting in a significant drop in the circulating supply.
Shiba Inu is also working to become a utility token by launching Shibarium, a layer-2 network that has handled over 1 billion transactions.
Shiba Inu Price Technical Analysis
Technicals suggest that SHIB price will keep soaring if Bitcoin rallies and hits the psychological point at $100,000. It has formed a giant double-bottom pattern at $0.00001070. This pattern comprises two distinct bottoms and a neckline, which, in this case, is at $0.0000333. It has also formed a smaller double-bottom whose neckline was at $0.00001565.
The Bollinger Bands Trend indicator has continued rising and formed a bullish divergence pattern. It is about to cross the zero line for the first time since December last year.
Therefore, the initial target to watch will be at $0.00001576, up by 21% above the current level. More gains above that level will bring the 50% Fibonacci Retracement point at $0.00002217 into view. This target price is about 70% higher than the current point.