Shiba Inu Price Continues Its Recovery This Week. It Has Surged to $0.00001420

It has jumped by 40% from its April 8 low and has formed a bullish pattern, pointing to more gains ahead. This article looks at whether SHIB

Shiba Inu price has continued recovering this week. It surged to $0.00001420, the highest level since March 27. SHIB/CRYPTO:SHIB has risen by 40% from its April 8 low and formed a bullish pattern, which may lead to more gains. This article looks at whether the coin price can surge and hit $0.0001 as competition from meme coins like Fartcoin and Pepe Coin rises.

Shiba Inu price surges despite Fartcoin, Pepe Coin competition

The meme coin industry has gotten highly competitive this year. Most of this competition is coming from Solana meme coins like Fartcoin, whose price has surged by 455% from its March lows. However, Shiba Inu still holds a good place in the sector and is one of the most popular players. Etherscan data shows that the number of SHIB holders has continued to rise and has just crossed a key milestone at 1.5 million.

SHIB has also taken several initiatives like launching Shibarium, a layer-2 network that has handled over 1 billion transactions. Most importantly, it is one of the top deflationary meme coins, a situation made possible by its daily token burns. It has incinerated over 411 trillion tokens, a trend that may keep going on as Shibarium gains steam.

These fundamentals mean that Shiba Inu price can jump by 600% and get to $0.0001 even as competition rises. This growth would bring its market cap to about $58 billion. Besides, in the past Dogecoin has hit that milestone before. Cardano also had a market valuation of $91 billion during its peak.

Two key things are clear. First, the growth of Fartcoin and Pepe Coin will not disrupt SHIB price surge. Historically, meme coins have tended to exhibit a close correlation. Second, the surge to $0.0001 will take time.

SHIB price forecast and technical analysis

The weekly chart reveals that the Shiba Inu price forecast is bullish because it has formed a highly bullish pattern known as a double-bottom. Its lower side is at $0.000010, while the neckline is at $0.000035, which is about 137% higher than the current point. The coin has also created a small double bottom whose neckline is at $0.00001565. Also, the Awesome Oscillator has pointed upwards and is about to cross the zero line for the first time since November last year. SHIB price jumped by double digits when the AO indicator crossed the zero line in November last year. This indicator shows momentum and is calculated by subtracting two simple moving averages of the median price.

Therefore, the SHIB price is likely to experience a bullish breakout this year, reaching $0.0000033. Further gains in the Shiba Inu price above that level will lead to additional upside, potentially reaching last year’s high of $0.00004560. A drop below the year-to-date low of $0.00001077 will cancel the bullish SHIB prediction.