Altcoins View Non-AMP

Shiba Inu Enters Bull Market! Can Traders Push SHIB Price Rally To 2x?

Written by: Elena R

August 16, 2022

The second-largest meme coin in the world, behind dogecoin , is  Shiba Inu which is now ranked as the 12th largest cryptocurrency in the world with a market worth of around $9.6 billion. As investors pushed the token on social media over the weekend, the price of the Shiba Inu token increased.

The coin had increased by 153% from its lowest point this year to its weekend high. On Monday and Tuesday, the token retreated as the rest of the cryptocurrency market fell. Ethereum retreated to $1,950 while Bitcoin fell to $24,100. Cryptocurrencies’ combined market capitalization decreased to $1.2 trillion.

Has Shiba Inu’s bullish cycle begun?

One of the first traders and analysts to predict a dramatic move in Shiba Inu was peter brandt , who noted on TradingView the day before the major 25% move that SHIB was creating a bottom pattern on the daily chart.

In a recent trading suggestion, Brandt asserted that Shiba Inu had begun a bullish cycle and would rise further. The inverted H&S pattern’s successful completion, which is a clear indication of a reversal, is the basis for this audacious prediction.

The 25% thrust, which demonstrates the bullishness of investors who are prepared to back the rally of the token in the event of a successful additional breakout, is another factor that supports the forthcoming bull market for Shiba Inu. According to Brandt’s analysis, shibatoken technically bottomed out and now has only one way to go up.

According to the four-hour chart, the SHIB price had a weekend parabolic rise. The price increased to a peak of $0.000018, the highest point since May of this year. The significant resistance level at $0.000013, the coin’s highest point on July 20th, was successfully broken by the coin.

What about Shib’s ecosystem?

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

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Terra Classic (LUNC) Price Drops As Interpol Issues Red Notice Against Do Kwon

It appears that the Terraform Labs founder, Do Kwon’s investigation regarding Terra's (LUNA) collapse is…

September 26, 2022

Tron (TRX) Price Getting Ready For Massive BreakOut! Right Time To stack?

Since the middle of August, when the bears consolidated their power, TRX holders have experienced…

September 26, 2022

Will the Uncertainty Around Bitcoin Whales Compell the BTC Price to Drop Below $15000?

Bitcoin price continues to chop around $19,000 as the assert failed to attract liquidity from…

September 26, 2022

Can Moshnake Achieve 10x the Success of Fantom and Algorand?

One of the primary reasons so many individuals invest in cryptocurrencies is the possibility of…

September 26, 2022

Big Eyes Coin: A Mix of Dogecoin and Stellar DeFi Solutions

Thousands of cryptocurrency projects are active today, but only a few prioritize user and environmental…

September 26, 2022

Rocketize, Baby Doge Coin, and Vita Inu – Three Meme Coins to put on Your Watchlist

Cryptocurrencies are, without a doubt, a wonderful and welcome improvement in finance. However, many individuals…

September 26, 2022