The Shiba Inu coin, once relatively quiet, has sprung to life in a remarkable rally. Experiencing a surge in both value and activity, it’s broken multiple records this week. Notably, its Shibarium network has seen a notable uptick, with a staggering 493% rise in transaction volume in just one day. This coincided with a 16% increase in Shiba Inu’s value. The coin’s recent performance indicates the heightened whale activity influencing several meme coins.

Scott Melker, known as The Wolf Of All Streets, predicts Shiba Inu (SHIB) might reach $0.00001140. His optimistic prediction is based on Trading Alpha’s premium Alpha Trend VIP indicator signals. Melker attentively studied this indicator’s data in his X post, providing an upbeat vibe. The Alpha Trend indicator provides accurate BUY/SELL indications in diverse market conditions. It uses RSI, MFI, CCI, and ATR to adapt to sideways, uptrends, and downtrends.

Exploring Bottom Signals of Melker

The analyst pointed out three key signals that support his assertion that Shiba Inu has found its bottom. First, the indicator showed the proliferation of B signals on the SHIB chart. A notable B signal was observed on October 18, coinciding with SHIB’s decline to a low of $0.00000670 during a persistent downtrend. SHIB has seen an 18% increase since the appearance of the last B signal.

The second signal is a sequence of dots the indicator displays to indicate the prevailing trend. In a downtrend, SHIB candlesticks have red dots at the bottom. In an uptrend, these dots turn green and rise to the candlestick. Since decreasing from $0.00001136 on August 17, SHIB has shown red dots for nearly two months. At the end of October, these red dots became green, signifying an upswing.

The third indication is an Alpha Trend indicator track line. When SHIB falls below this line, it becomes red, indicating a downtrend. When SHIB crosses above the line, the downtrend may terminate and an upswing begins. SHIB has recently risen above this line, which Melker believes indicates a bottom.

Good Time for Shiba Inu to Hit $0.00001140? 

Melker sees the recent breakout as key and predicts SHIB could reach $0.00001140, a 44% increase from the current $0.00000790. He pointed to a prior chart where SHIB broke a significant line at $0.00000710. In June, this breakout triggered a substantial run, with SHIB hitting $0.00001136 in August. Although SHIB broke this line in September, it led to consolidation around $0.000007.

Be aware of Shorting?

In the short term, if SHIB stays around $0.0000075, it’s a good sign for bulls. This could lead to a push towards $0.0000082. However, if it drops below $0.0000075, bears might take control, possibly leading to a range of $0.000007 to $0.0000066.

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