Shiba Inu (SHIB) price is gaining today, May 10, and has flipped Hedera (HBAR) by market cap. This second-largest meme coin may be on the verge of even more gains, as a bullish cup and handle pattern on the daily chart suggests that it may soon record a 40% gain to multi-week highs.
Shiba Inu Price Overtakes Hedera by Market Cap
Shiba Inu price trades at $0.000015 at press time, following an 8% gain in 24 hours. These gains have seen the meme coin achieve an $8.5 billion market cap to overtake Hedera and become the 15th largest crypto token.
The flippening has caused a spike in the meme coin’s trading volumes as data from CoinMarketCap shows that in the last 24 hours, this metric has soared by 73% to $632 million. The volumes are likely coming from buyers and causing a spike in volatility as Shiba Inu fluctuates between a daily low of $0.000014 and a daily high of $0.000015.
The technical outlook suggests that SHIB price will likely target more gains in the near term and possibly outperform Solana meme coins that have been taking the spotlight.
SHIB Eyes $0.000018 After Cup & Handle Breakout
Shiba Inu price is poised for further gains after breaking out of a rounding bottom pattern on the daily chart. This breakout signals that the altcoin is now headed for a full blown bullish reversal that may extend the gains by another 38% and see SHIB reach $0.000018.
However, there are a few conditions that this top meme coin needs to fulfill before making the rally to $0.000018. Firstly, the uptrend needs to cross above the 200-day SMA level and make a decisive close above it. Doing so will indicate that the long-term trend is no longer bearish but bullish.
Meanwhile, the RSI supports the likelihood of a rally as it tips north to confirm that the bullish momentum is gaining strength, and SHIB price eyes more gains.
If Shiba Inu price can cross the $0.000018 resistance level, the next target will be the January high of $0.000020, which will see its market cap reach $11.78 billion.
Shiba Inu Open Interest Reaches Three-Month High
Data from Coinglass supports a bullish Shiba Inu price prediction due to rising leverage after the open interest reached $228M, marking the highest level in three months. This rising OI is also a positive indicator towards SHIB price as it suggests conviction among traders that the token will continue to rally.
Therefore, as bullish signals align around the Shiba Inu meme token, traders should anticipate the uptrend to continue, with the next major resistance being at the 200-day SMA of $0.000018. However, the rising RSI and the breakout from a cup and handle pattern suggest that the meme coin will likely overcome this resistance level.
The post Shiba Inu Price Flips Hedera as Bullish Pattern Signals $0.000018 Rally appeared first on CoinGape.
