A seventh weekly Stochastic RSI cross has formed on Shiba Inu price patterns, a signal that has historically preceded an average 146% price surge.
In the last 24 hours, Shiba Inu was among the top beneficiaries of the ongoing mini-bull rally, reclaiming the $0.000017 threshold. Notably, SHIB traded at a low of $0.0000158 yesterday. Today, it has hit a daily high of $0.00001713 after advancing by 8.41%.
Meanwhile, in a recent update, analyst Kevin drew public attention to a technical indicator suggesting that Shiba Inu could be on the verge of a 146% price pump based on historical trends.
According to Kevin’s analysis, Shiba Inu’s Stochastic RSI has crossed seven times on a weekly basis throughout its history. Each occurrence coincided with major support levels, and subsequently, SHIB experienced an average price surge of 146% to the upside.
#ShibaInu has had 7 weekly Stoch RSI crosses in its entire existence. Each time we saw this cross while at major support we saw on average a 146% pump to the upside. #Shib is currently up 30% off its local bottom meaning if we follow what has happened every time in the past we… pic.twitter.com/1gxDCUa3Ra
— Kevin (@Kev_Capital_TA) July 10, 2024
Shiba Inu Stoch RSI Historical Bull Rally
For context, the Stochastic RSI crypto trading indicator helps identify overbought and oversold conditions by comparing the RSI value to its high and low ranges. This indicator currently suggests Shiba In is oversold or at a bottom price.
Presently, Shiba Inu is trading at a four-month low of around $0.000016, a significant drop from its yearly high of $0.00004534. The Stoch RSI crossed when SHIB traded with five leading zeros in February. Within a few weeks, the bullish wave broke out, leading to a staggering 400% price surge by March from the February low of $0.000008806.
Kevin’s chart also revealed a weekly Stoch RSI cross in November 2023, followed by an 80% price surge for Shiba Inu. In other instances, similar crossings led to gains of over 100%.
According to Kevin, Shiba Inu has historically seen an average 146% price surge following six previous weekly Stoch RSI crosses. The seventh cross is emerging after SHIB hit a low of $0.00001294 on July 5, its lowest point since the recent market downturn.
Shiba Inu Set for 146% Surge to $0.00004?
This signal suggests that the meme coin could double in value in the coming days. Notably, SHIB has already rallied 30% from its recent local bottom. If historical patterns repeat, Kevin believes there is still significant upside potential, with much more room for growth.
Specifically, if Shiba Inu indeed surges by 146%, its value would merely reclaim the $0.00004 threshold around its yearly high. However, many market analysts believe that SHIB is poised to set a new all-time high in its second-leg bull wave, with a potential target of $0.0001.
