Analysts predicted the growth of Shiba Inu cryptocurrency by more than 40% in the near future

The popular Shiba Inu (SHIB) memecoin is moving within a bullish pattern, a breakout of which could mark the beginning of a new rally. The positive sentiment of investors, which is reflected in the decline in the number of transfers to the exchange, is pushing SHIB to grow, analysts said.

Shiba Inu investors remain positive despite the recent correction. This is evident from the decline in the number of token transfers on the exchange, which signals the reluctance of owners to sell the asset at the current price.

Currently, more and more SHIB tokens are being transferred from short-term to long-term holders. The former hold the asset for less than a month, while the latter keep it for up to 12 months. The transition to long-term holders is considered a bullish signal and indicates an increase in investor confidence in the asset’s potential.

At the time of writing, Shiba Inu is approaching the upper boundary of the symmetrical triangle. If the memcoin manages to break through and gain a foothold above it, the price of SHIB could rise by 42%, experts believe.

In early March, the price of Shiba Inu (SHIB) rose by 270% in a week, doubling in value. The huge jump in the price of the memcoin was then explained by the upcoming debut of version 1.1 of the Shib Name Service (SNS), which allows owners to personalize their tokens.