Shiba Inu (SHIB) Freedom from Bitcoin: Positive Turn

The Shiba Inu price is showing signs of a major rally but is awaiting a bearish trigger that may come sooner than expected.

Therefore, MemCoin may indicate new highs until it breaks some critical resistances.

Shiba Inu to jump on the charts

The Shiba Inu price is currently trading in a balanced triangle pattern with the help of bullish market signals. The first of these is the moving average converging divergence (MACD). This trend following momentum indicator is used to identify buying and selling opportunities.

Currently, this indicator is showing a downward trend. The double bottom formed by the bars on the histogram indicates a bullish trend in the market. This is confirmed only after bullish crossing occurs.

Secondly, the meme coin is trying to forge its own path, escaping the influence of the world's largest cryptocurrency. SHIB's correlation with BTC, although positive, is currently declining.

This suggests that the dog-inspired token may emerge from the bearish symbols set by Bitcoin. Such growth will help the cryptocurrency to rise.

Read more: 6 Best Sites to Buy a Shiba Inu (SHIB) in 2024

SHIB Price Forecast: Ready for Rally

Shiba Inu price is trading at $0.00002744 in a balanced triangle pattern. A symmetrical triangle pattern is formed by combining trend lines, indicating a period of consolidation. It usually indicates an upside or downside breakout, indicating that the previous trend is likely to continue.

SHIB is close to breaking out, and based on the targets set by the pattern, MemCoin could indicate a 43% upside. This sends the value of Shiba Inu to $0.00004816.

Read more: How to buy a Shiba Inu (SHIB) and everything you need to know

However, if the altcoin fails to reverse, the resistances marked at $0.00003063 and $0.00003500 may be reversed. A break into the lower trend line of the pattern would result in a bullish thesis, pushing SHIB towards $0.00002400.