Wednesday, February 21, 2024
HomeUncategorizedShiba Inu enters the bull market! Can traders push SHIB price up...

Shiba Inu enters the bull market! Can traders push SHIB price up to 2x?

The second largest meme coin in the world after Dogecoin is Shiba Inu, which is now listed as the 12th largest cryptocurrency in the world with a market value of approximately $9.6 billion. The price of the Shiba Inu token rose as investors pitched the token on social media over the weekend.

The coin rallied 153% from this year’s low to a weekend high. The coin pulled back on Monday and Tuesday as the rest of the cryptocurrency market fell. Ethereum fell back to $1,950, while Bitcoin fell to $24,100. The total market capitalization of cryptocurrencies fell to $1.2 trillion.

Has the Shiba Inu bull market cycle started?

One of the first traders and analysts to predict a drastic move in Shiba Inu was Peter Brandt, who noted on TradingView that the A bottom pattern formed on the line chart, the day before the major 25% move.

In a recent trading recommendation, Brandt asserted that Shiba Inu has started a bullish cycle and will rise further. The successful completion of the reversal H&S pattern, a clear sign of a reversal, is the basis for this bold prediction.

25% push, indicating bullishness from investors ready to support the trend If it succeeds in a further breakout, the coin’s rally is another factor underpinning Shiba Inu’s upcoming bull run. According to Brandt’s analysis, the Shiba Inu has bottomed out technically, and there is only one way to go.

The four-hour chart shows that the SHIB price has seen a parabolic rise over the weekend. Prices rose to a peak of $0.000018, the highest since May of this year. On July 20, the currency’s highest point of $0.000013 was successfully breached by the currency at an important resistance level.

How about Shib’s ecosystem?

The Shiba Inu ecosystem fundamentally expands, adding additional decentralized solutions to the network, developing use cases, and expanding as a project, in addition to the market Has a strong technical position.

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