Shiba Inu’s 2x rally prediction has got crypto traders pretty excited right now as a market analyst forecasts a potential doubling in value soon. With no less than five consecutive days of gains, this popular meme coin is showing renewed strength amid all this cryptocurrency market volatility, so let’s take a closer look at what’s driving this surge.

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Analyzing Shiba Inu’s 2x Rally: Key Factors Driving the Price Surge

Shiba Inu dog standing next to large question mark in foggy forest landscape
Source: Watcher Guru

Descending Channel Breakout

The Shiba Inu 2x rally prediction comes from World of Charts, who identified this bullish price action thing in the SHIB/USDT chart. In his Wednesday analysis, he basically highlighted how SHIB is approaching a breakout from a multi-month descending channel that formed after December’s high.

Should SHIB break above the wedge’s upper resistance, World of Charts predicts a 2x rally to $0.0000340 in just the next few days. This would represent a 136% increase from current levels, which totally validates the Shiba Inu price increase prediction that everyone’s talking about.

SHIB/TetherUS descending channel chart showing potential breakout target
Source: TradingView

Five-Day Growth Streak

Shiba Inu’s future growth looks promising with its current five-day appreciation streak, growing about 13% during this period. This is actually the first such sustained rally since September, which might be signaling some sort of shift in market sentiment amid all this cryptocurrency market volatility we’ve been seeing lately.

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Alternative Technical Analysis

Another confirmation comes from analyst CryptoBull_360. However, he believes the breakout has already happened.

CryptoBull_360 was clear about the fact that:

“With volume increasing and momentum looking solid, it’s worth watching closely!”

CryptoBull_360 further suggests that a daily close above the 50-day EMA could trigger a 74% rally to $0.000025, which basically supports the overall Shiba Inu 2x rally prediction that’s getting all this attention.

SHIB/USDT price chart showing falling wedge pattern with breakout projection
Source: TradingView

All Eyes on SHIB The Next Few Days

Shiba Inu trades at around $0.00001445, up 1.65% in the past 24 hours. The token showed some resilience after February’s steep decline to $0.00001160, bouncing back within the wedge structure. Shiba Inu’s 2x rally prediction represents a potential turning point for this popular meme cryptocurrency.

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