The memecoins acquired a notable push within the early buying and selling hours as the most important Dogecoin proponent & Twitter CEO, Elon Musk, referred to the Shiba Inu canine and captioned it as the brand new CEO. Since then, the DOGE worth and the SHIB worth have considerably risen, gaining almost 6% to mark ranges above $0.86 and $0.000013, respectively. The SHIB worth is experiencing an acute bullish push, which can compel the worth to interrupt out of the consolidation very quickly. 

The present buying and selling set-up hints on the preparedness of the Shiba INU to endure a large breakout, and therefore now could possibly be a great time to build up some. However will the SHIB worth rise by greater than 100% to double in worth or faux out because it did earlier than at $0.000015?

The SHIB worth is at present flashing purchase alerts as the worth is hovering inside a descending channel and making an attempt to interrupt out of the channel with a profitable retest. That is believed to set off a large upswing, as the worth has additionally fashioned a double-bottom on a macro scale. With two bullish indicators, the analyst believes the SHIB worth is about to rise by greater than 100% to soar above $0.000026 shortly. 

Contemplating the technical, the RSI has displayed a bullish divergence which will set off a rebound. Moreover, the MACD shows a drain within the promoting quantity, which might vanish with the piling up of bullish stress.

Thirdly, the Common Directional Index (ADX) within the first few days of 2023 has dropped. This means bulls proceed to stay aloof and, therefore, might bounce into motion very quickly. Collectively, a number of bullish alerts have been flashed which will affect the worth within the coming days and uplift it considerably.