Shiba Inu (SHIB) Awaits Catalyst to Launch 20% Surge – Price Forecast

• SHIB price collected liquidity beneath $0.0000283, suggesting an upswing looming.
• A quick recovery past $0.0000283 might kick-start a 20% surge to $0.0000341.
• Breaching the daily demand region in the $0.0000269 – $0.0000293 range will cancel the bullish narrative.

Shiba Inu (SHIB) saw its price fumbling near a steady support floor, flipping the level into a resistance zone several times. Nevertheless, the development was vital to gather liquidity beneath the mark. With that, the latest downtrend might be critical for a new upward trend.

SHIB Price to Record Massive Surge

SHIB saw its price tagging the support floor at $0.0000283 on 20 December 2021 and formed a double bottom pattern on 5 January. After that, Shiba Inu slid through the support mark, gathering sell-stop liquidity beneath the barrier.

Sidelined buyers utilized this moment to accumulate SHIB tokens at discounted prices, catalyzing a brief upswing and the meme crypto recovering past $0.0000283. Meanwhile, Shiba Inu should stay beyond this trend-line to launch a 20% surge towards $0.0000341 or 50% retracement zone plus the buy stop liquidity beyond it.

Though unlikely, the meme coin might extend this rally towards the double top near the range high of $0.0000399. That would mean doubling the 20% gain to 40%.

The GIOM model backs the bullish move to $0.0000340 for Shiba Inu. The on-chain metric indicates the only hurdle that might halt Shiba Inu’s uptrend extends in the $0.0000290 to $0.0000340 value area. Here, nearly 170K addresses that bought 96,443 billion tokens remain ‘out of money and may sell to break even, preventing price advances for the token.

Also, the MVRV model supports the bullish narrative for SHIB. The metric determines the loss or profit of investors that purchased the coin within the past month. For now, the monthly MVRV hovers within the opportunity territory at -14.8%, showing that most near-term holders incur losses. Long-term investors usually accumulate at these zones since sell-off risks are low. For that reason, SHIB might witness substantial buying momentum around its current value areas.

Though the on-chain metrics and bullish picture, failure to stabilize beyond the demand region in the $0.0000269 – $0.0000293 area will show buying pressure weakness, and a 4hr candle close under $0.0000269 will print a lower low. That would cancel the bullish outlook. That way, SHIB might lose 12% to retest support floor at $0.0000237.

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