Crypto analyst Capt Toblerone recently provided insights into the Shiba Inu (SHIB) future trajectory using the Elliot Wave Theory. This suggested that the meme coin’s recent price correction was simply part of a bigger picture, with the analyst predicting the meme coin will hit a new all-time high (ATH) on its next leg up. SHIB’s Price Is Headed Towards $0.00022 Capt Toblerone shared a Shiba Inu chart on his X (formerly Twitter) platform, which showed that Shiba Inu will rise to as high as $0.00022000 when Wave 3 of the five-way sequence takes place. The chart shows that Wave 2 of the sequence was currently taking place, with SHIB witnessing a corrective move. Related Reading: Crypto Expert Says Market Has Begun A Macro Bullish Expansion – What This Means For Bitcoin And Altcoin Prices A rise to $0.00022000 would create a new all-time high (ATH) for the second-largest meme coin by market cap, with its current ATH at $0.00008845. Capt Toblerone’s analysis also showed that Shiba Inu could hit this new ATH by September this year. Interstingly, Shiba Inu’s price isn’t expected to peak there, as the chart also showed that the meme coin could hit another ATH when Wave 5, which is also a bullish move, takes place later on. In the meantime, SHIB is facing corrective Wave 2, with the meme coin declining by over 7% in the last 24 hours. This follows its recent impressive price rally when it gained over 15% and even flipped Cardano to become the tenth-largest crypto token by market cap. Although Shiba Inu has once again dropped out of the top 10 rankings with its recent price decline, the meme coin could easily break into it again if it eventually rises to $0.00022, as Capt Toblerone predicts. Shiba Inu undoubtedly has the bullish momentum to enjoy such price gain since this bull run is expected to be a meme supercycle. Bitcoin Analyst Is Also Bullish On Shiba Inu Crypto analyst and early Bitcoin investor Jeremie Davinci recently reaffirmed his bullish sentiment toward Shiba Inu. He mentioned in an X post that the meme coin will break out and rise to as high as $0.00006000 when this downward trend is over. He further revealed that he will be looking to accumulate more SHIBas he sees an opportunity to make money. Related Reading: Solana Remains Institutional Investors’ Favorite, YTD Flows Ramp Up To $29 Milion Crypto analyst Oscar Ramos also recently mentioned that SHIB is set to run to its current ATH and “beyond.” He added that the meme coin is ready to shed another zero and rise to $0.0001. The crypto analyst had previously highlighted this price level as his target for Shiba Inu in this bull run. At the time of writing, Shiba Inu is trading at around $0.00002604, down in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
The development team behind Shiba Inu (SHIB) has implemented a major upgrade to the Shibarium network, slashing the bridging time for tokens to Ethereum from a lengthy seven days to just approximately 45 minutes. This significant reduction in transfer time represents a pivotal shift towards optimizing operational efficiency and enhancing user experience. Shiba Inu’s Shibarium […]
The crypto community’s attention has been drawn to a Shiba Inu trader who made over $1 million from the meme coin. This trader is seen to have made such life-changing gains thanks to their foresight and fortitude in holding the meme coin for such a long time. How This Shiba Inu Trader Turned $2,625 To […]
Expectations for the prices of Dogecoin and Shiba Inu have deviated as a machine learning algorithm has predicted where the price of these two meme coins will be in the month of June 2024. While the machine learning algorithm expects the price of Shiba Inu to do well in the coming month, it has taken […]
The Shiba Inu (SHIB) ecosystem is set to record another milestone, with the layer-2 network Shibarium approaching 5 million blocks. Despite this development, Shiba Inu’s price has remained tepid for a while now, which is undoubtedly worrisome for members of the SHIB community. Shibarium About To Hit 5 Million Blocks Data from the Shibariumscan shows […]
America’s largest cryptocurrency exchange, Coinbase will list another round of cryptocurrencies for its perpetual futures contract, opting for meme coins this time around and featuring prominent tokens like Shiba Inu (SHIB), Bonk (BONK) and Floki (FLOKI). Coinbase Perpetuals To List New Meme Coins On May 24, Coinbase International Exchange announced that it will start offering […]
Crypto analyst Oscar Ramos has outlined why he doesn’t believe the Shiba Inu price can go above $0.01 this cycle. He made this statement while alluding to the possibility of the meme coin reaching $0.5 at some point in the future. Why Shiba Inu Can’t Go Above $0.01 Ramos mentioned in an X (formerly Twitter) post that Shiba Inu can’t go above $0.01 because of its current supply of over 589 trillion, according to data from CoinMarketCap. The crypto analyst made this remark while sharing a prediction chart from the price prediction website Telegaon, which showed that Shiba Inu could reach $0.5 in 2040. Related Reading: Why Is The Ethereum Price Up 20% Today? Indeed, Shiba Inu’s circulating supply significantly impacts its price, which is why the Shiba Inu team has made a conscious effort to reduce the amount of SHIB tokens in circulation through regular token burns. Shiba Inu’s burn tracker had previously noted that Shiba Inu’s circulating supply would need to be just over 85 billion for its price to even reach $0.01, as Ramos predicts. That means almost 80% of Shiba Inu’s circulating supply still needs to be burned for the meme coin to attain Ramos’ price target. Crypto YouTuber Jeff had previously suggested that it was almost impossible for Shiba Inu to burn that much of its circulating supply, stating that it would take over 1 million years for Shiba Inu’s circulating supply to reduce to 100 billion tokens. However, there is no doubt that the Shiba Inu team has still made great efforts to reduce the meme coin’s circulating supply. Over 76 billion SHIB tokens were burned in 2023, while 83 billion were burned the previous year. Seeing how Shiba Inu’s price has increased since last year, these efforts are paying off. While burning 80% of Shiba Inu’s circulating supply still seems like a far-fetched goal, SHIB token burns are expected to increase exponentially, especially thanks to innovations like layer-2 network Shibarium, which uses some of the transaction fees earned for SHIB burns. Therefore, the number of token burns carried out will increase as Shibarium enjoys more adoption. SHIB Can At Least Rise To $0.011 Crypto analyst Ali Martinez had previously predicted that Shiba Inu could make a historic run from its current price level and rise to as high as $0.011. Other crypto analysts have also given bullish price predictions for Shiba Inu, although not as bullish as Martinez’s. Related Reading: Institutional Investors Pour $942 Million Into Bitcoin, Will This Trigger A Rally To $80,000? Crypto analyst Armando Pantoja predicted that Shiba Inu could reach $0.001 and even claimed this would happen after the Bitcoin halving. Ramos has also given his bullish prediction for SHIB in this bull run, as he predicts that the meme coin can shed another zero from its current price and rise to $0.0001. At the time of writing, Shiba Inu is trading at around $0.00002603, up over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
The Shiba Inu burn rate has accelerated once again after a lackluster start to the week. The burn rate has surged over 400% in the last 24 hours alone, signifying a move alongside the Shiba Inu price as the crypto market rally continues. Shiba Inu Sees 434% Spike In Burn Rate The burn rate, over […]
Analysts from leading international cross-border bank, Standard Chartered have made a bold prediction that Bitcoin could witness a significant rise to new all-time highs above $73,700. This projection, slightly higher than the cryptocurrency’s previous peak, comes with an unexpected and wholly ambitious timeline. Bitcoin Poised To Reach New All-Time Highs Geoff Kendrick, Head of EM FX Research, West and Crypto Research, Standard Chartered, has made a bullish prediction for Bitcoin, the world’s largest cryptocurrency. In an email to TheBlock, Kendrick stated that Bitcoin is poised to break out of its previous all-time high on March 14, 2024, to witness a massive surge to approximately $73,798. Related Reading: Crypto Market Liquidations Top $330 Million In 24 Hours With Ethereum In The Lead The analyst has projected a rather grandiose timeline for this bullish rally, expecting Bitcoin to hit the forecasted price target by the weekend. Kendrick attributed this potential price increase to the recent inflows into Spot Bitcoin ETFs. Earlier on May 21, data from Farside investors indicated that Spot Bitcoin ETFs had recorded their best inflow week in the last two months. The digital asset saw over $305.7 million in inflows, with BlackRock’s Bitcoin Trust ETF (IBIT), amassing the largest inflows of $290 million. Cumulatively, Spot Bitcoin ETFs have recorded inflows of more than $13 billion from its launch on January 11 to the present. This increased demand and influx of capital which had been a major contributor to Bitcoin’s previous rise to a new all-time high in March, could propel fresh surges for the cryptocurrency. Kendrick has also disclosed that the possible approval of Ethereum Spot ETFs by the United States Securities and Exchange Commission (SEC) could have a significant impact on Bitcoin’s price dynamics. The analyst has doubled down on his previous price prediction which anticipates Bitcoin’s rise to $150,000 by the end of 2024 and a whopping $200,000 increase in 2025. BTC Price Analysis As of writing, the price of Bitcoin is trading at $70,013, reflecting a slight decline of 1.39% in the last 24 hours, according to CoinMarketCap. The cryptocurrency has been on a steady bullish momentum over the past week, experiencing consistent price surges, which have led to a sharp increase of 12.86%. Related Reading: Solana Cup And Handle Pattern Means An At Least 90% Move Against Ethereum, Analyst Says Popular crypto analyst, Michael van de Poppe has reported that Bitcoin is up more than 20% since its previous lows of $56,000 earlier this year. The approval of an Ethereum Spot ETF could see the cryptocurrency’s price potentially rising more, following previous patterns when the SEC’s approval of Spot Bitcoin ETFs triggered a major price spike for the pioneer cryptocurrency. This sentiment for a bullish breakout is shared by crypto analyst Ali Martinez, who has asserted that Bitcoin is currently showing a strong potential for further gains, underscoring the cryptocurrency’s robust price potential and strong fundamentals. Featured image created with Dall.E, chart from Tradingview.com
Former US President Donald J. Trump has announced that his campaign will accept donations in Bitcoin and various cryptocurrencies, marking a significant milestone as the first major party Presidential nominee to employ this strategy for fundraising. The announcement came via an official campaign press release. The Trump campaign’s new fundraising initiative integrates the use of […]
A crypto analyst has predicted a massive bull rally for doggy-themed cryptocurrency, Shiba Inu (SHIB). The analyst points to a new technical pattern emerging for SHIB, indicating the potential for a surge to new highs. SHIB Sets Sights For Next Upside Target A crypto and Bitcoin analyst identified as ‘Clifton Fx’ on X (formerly Twitter) […]
Shiba Inu is exhibiting interesting price action as it looks to break above a downward-sloping upper trendline under which it has been trading since the first week of March. Currently, SHIB is up by 10% in the past seven days and is at a decisive junction of a breakout that could lead to a strong […]
The Shiba Inu (SHIB) price has exhibited a notable increase, rising by 6.5% in the last 24 hours and 12.5% over the past week, marking a significant shift towards bullish momentum. Technical analysis of the daily SHIB/USD chart reveals a descending trend line where price has been rejected on every single daily close for the past two months. However, today’s price movements have led to a shift. The descending trend line that previously governed Shiba Inu’s downward trajectory has recently been breached, suggesting a potential reversal or at least a weakening of the bearish pressure. Renowned crypto analyst Cold Blooded Shiller remarked, “One of the commandments of memes is thou shalt always long the meme when the trendline snaps.” One of the commandments of memes is thou shalt always long the meme when the trendline snaps pic.twitter.com/iPDpuX46ZH — Cold Blooded Shiller (@ColdBloodShill) May 4, 2024 Prior to the breakout, he noted, “In 20IQ szn you’re looking for 20IQ entry signals. Breaking the trendline that has been respected on every single daily close for the past 2 months will be one of those. SHIB starting to tick.” Related Reading: Analyst Predicts Shiba Inu to Soar 50% Amidst Meme Coin Market Rise The shift is supported by the positioning of Exponential Moving Averages (EMAs); the 20-day EMA at approximately $0.00002238 and the 50-day EMA at $0.00002131 which were both breached with yesterday’s daily close. Further down, the 100-day and 200-day EMAs at around $0.00001831 serve as significant support zones, indicating strong buy levels should any major retracement occur. The interaction of price with these EMAs in the coming days will be crucial in determining the sustainability of the current breakout. The application of Fibonacci retracement from the recent peak to the trough are also illustrating a pivotal development for Shiba Inu’s price action. The 0.236 Fibonacci retracement level at $0.00002483, recently surpassed in yesterday’s trading session, now serves as a critical support in the short term. This level’s importance is accentuated by its role in confirming the legitimacy of the recent breakout from the descending trend line—a breakout that might otherwise be dismissed as a mere technical anomaly or ‘fakeout.’ Currently, a retest of this $0.00002483 level as support is underway. A closure of today’s daily candle above this mark would solidify the argument for a more sustained upward trajectory in SHIB’s price. Such a close would reinforce investor confidence that the breakout is genuine and that the market sentiment may be shifting more firmly to the bullish side. Related Reading: Shiba Inu Volume Flips Dogecoin, Will SHIB Price Flip DOGE If This Analyst’s Prediction Comes True? If SHIB’s price remains steadfast above this newfound support, the immediate subsequent target would be the $0.00002882 level, correlating with the 0.382 Fibonacci retracement. A breach of this resistance would likely set the stage for further gains towards $0.00003205 and $0.00003527, the 0.5 and 0.618 Fibonacci retracement levels, respectively. Reaching the 0.618 level, often referred to as the ‘golden ratio,’ could potentially yield a substantial 40% gain from current prices, offering a lucrative scenario for investors closely monitoring these technical cues. The heightened trading volume (+30% in the last 24 hours) underlines active participation in the market, crucial for supporting the legitimacy of the breakout. Alongside, the Relative Strength Index (RSI) at 55.05 indicates that the asset is neither overbought nor oversold, leaning towards a neutral to slightly bullish position. This provides room for upward movement without immediate concerns of entering overbought territory. Overall, with the recent breakout above the descending trend line, Shiba Inu’s price action invites a bullish outlook, suggesting that the downtrend may be losing its grip. The key for traders will be to watch for a daily close above $0.00002483. A confirmed hold above this level could pave the way for further ascents towards higher Fibonacci levels. Featured image from Shutterstock, chart from TradingView.com
As the cryptocurrency industry moves toward a thriving altcoin Season, popular Shiba Inu team member and marketing lead Lucie has proclaimed the season is the perfect time to showcase the potential of Shibarium, the project’s layer 2 blockchain solution, to the larger cryptocurrency community. In this statement, Lucie positions Shibarium as a major participant in […]
Shiba Inu (SHIB) is again on top as crypto whales return to the meme coin’s ecosystem. On-chain data shows that these high-volume investors have been recently accumulating the meme coin, which could ultimately affect its price. Shiba Inu Sees Spike In Whale Transactions Data from the on-chain analytics platform IntoTheBlock shows that Shiba Inu saw […]
Well-known cryptocurrency expert and enthusiast Dami Defi has offered his insights on the price action of Shiba Inu, predicting a surge in the crypto asset as the Meme coin market sees a fresh wave of demand. Given the optimism around meme coins lately, Dami Defi is confident that Shiba Inu could rise by over 50% shortly. Shiba Inu Price Could Rise By 20% Shiba Inu (SHIB) has become one of the leading meme coins, attracting positive outlooks from several analysts in the crypto space today. Even though Shiba Inu began the week on a negative note, Dami Defi believes the meme coin can potentially surge in the short term. Related Reading: Crypto Analyst Predicts 350% Surge For Shiba Inu – Here’s The Target According to Dami Defi, the digital asset’s price has formed a descending wedge pattern in the 1-day timeframe. Should SHIB break out of this falling wedge pattern, Dami Defi anticipates an over 50% surge in Shiba Inu’s price. This 50% increase will take the crypto asset from its present price to the $0.000035 level. The analyst predictions align with Ali Martinez’s forecast, highlighting that the digital asset’s price is moving in a descending parallel channel. While Dami Defi anticipates an over 50% price surge for Shiba Inu, Martinez expects the crypto asset to rise by over 20% in the short term. Martinez’s anticipated 20% increase will take the crypto asset from the $0.00002444 price to the $0.00002954 level. Martinez appears bullish on Shiba Inu, as he had predicted the asset to reach $0.000072323. He highlighted that SHIB on the daily chart seems to be forming a bull flag, indicating an impending movement on the upside. Due to this, the expert opened trade at around $0.000018343 in hopes of a strong breakout that will take Shiba Inu to $0.000072323. Martinez’s prognosis, fueled by March’s rally, indicates that SHIB’s value may rise even further, providing investors in this thriving and active sector of the cryptocurrency market with a positive outlook for the meme coin. SHIB Predicted To Repeat 2021 Price Trend Or Even Better Shiba Inu’s marketing head, Lucie, delved into the memecoin’s price action. Lucie claims that during October 2021, SHIB, with no burns and no significant adoption at the time, witnessed a surge from $0.000007 to $0.000088 in just a matter of days, indicating an over 1,100% rise. Related Reading: Shiba Inu Price Prediction: Crypto Analyst Says Massive Surge Is Coming, Here’s The Target With the massive burns and widespread seen today within the SHIB ecosystem, Lucie might be suggesting the potential for the asset to reiterate this move or even further in this bull cycle. If this trend repeats, SHIB’s price might reach $0.00025 in this bull cycle. Lucie also underscored the consistent support by SHIB’s robust community and strong Shibarium ecosystem since 2021, which might also catalyze Shiba Inu’s growth. At the time of writing, SHIB was trading at $0.00002366, demonstrating an increase of over 4% in the past week. Despite the price rise, its market cap has been down by 2.59%, while its trading volume has been up by 1.79% in the past day. Given the momentum in the meme coin market, SHIB may be able to see more gains in the coming months. Featured image from iStock, chart from Tradingview.com
As the bearish pressures of the crypto market catches up to Shiba Inu, it has begun to manifest in other metrics of the meme coin. The most prominent in recent times is the SHIB burn rate, which has taken a significant nosedive during this time. Shiba Inu Burn Rate Crashes 91.94% In a surprising turn […]
In a significant move to commemorate Ethereum co-founder Vitalik Buterin’s historic SHIB token burn, Shiba Inu partner K9 Finance, the project’s official liquid staking productm has announced its plans to burn 410 million KNINE tokens, which has garnered widespread attention and appreciation within the cryptocurrency community. Vitalik Buterin’s Shiba Inu Burn Inspires K9 Finance to […]
Shiba Inu (SHIB) has expanded into the e-commerce market, scoring another major listing from the cryptocurrency payment platform, CoinGate. The payment company disclosed that it had boosted its cryptocurrency offerings with the doggy-themed cryptocurrency, allowing users to purchase traditional products like sports gear, gift cards and more. Shiba Inu New Listing In a recent X […]
The Shiba Inu team has issued a crucial warning to its community, alerting them to the presence of fraudulent groups seeking to exploit the trust of SHIB community members for personal gain. This cautionary message from the team arrives as the cryptocurrency scored another significant listing milestone. SHIB Team Cautions Against Scams The Shiba Inu […]
Major cryptocurrencies have exhibited an interesting price dynamic in the past few days. According to data from Coinmarketcap, the majority of cryptocurrencies, including Dogecoin, have posted losses in the past 24 hours. On the other hand, some of these cryptocurrencies are still on a price increase when looking at a larger timeframe and many more […]
Memecoins are underperforming Bitcoin today, which could be a sign that traders will pay more attention to BTC’s post-halving recovery.
The price of Shiba Inu (SHIB), the self-proclaimed “Dogecoin killer,” has been caught in a technical tug-of-war, with bears attempting to push it lower and bulls clinging to signs of hope. Analysts are scrutinizing the memecoin’s chart pattern and on-chain data to decipher its next move. Related Reading: Is MATIC Poised For Takeoff? Key Area Breaks Records, Fueling Bullish Outlook Descending Triangle Looms: Will SHIB Fall Or Fly? A descending triangle formation has emerged on SHIB’s 3-day chart. This pattern typically indicates a potential price decline, as the asset’s price gets squeezed between converging support and resistance lines. The big question for SHIB holders: will the price break below support and continue its descent, or will it defy gravity and break out of the triangle, sparking an uptrend? Falling Demand Raises Concerns For Shiba Inu Adding fuel to the bearish fire, SHIB has witnessed a significant drop in demand. Data from Santiment reveals a worrying trend: the daily active addresses for SHIB have plummeted by more than 50% over the past month. This suggests a shrinking user base and potentially lower trading volume, which can put downward pressure on the price. Source: Santiment New Investors Give SHIB The Cold Shoulder Further dampening spirits is the sharp decline in new addresses joining the SHIB party. According to on-chain data, the number of new addresses created daily to trade SHIB has nosedived by 51% in the same period. This lack of fresh blood entering the market could exacerbate the selling pressure. Shiba Inu is currently trading at $0.000024. Chart: TradingView SHIB’s High Valuation: A Recipe For Sell-Off? Another factor causing concern is SHIB’s Market Value to Realized Value (MVRV) ratio. This metric compares the current market price with the average acquisition price of all SHIB tokens. Currently, SHIB’s MVRV ratio sits at a lofty 38%. When this ratio is high, it suggests the asset might be overvalued, potentially triggering existing holders to cash in on their profits and contribute to a sell-off. SHIB monthly price action. Source: CoinMarketCap A Silver Lining? Despite the prevailing bearish sentiment, a glimmer of hope flickers for SHIB. The coin’s weighted sentiment has surprisingly turned positive recently, indicating a shift in market perception. This newfound optimism could translate into a price breakout, defying the descending triangle’s bearish implications. Related Reading: Bitcoin Update: $120 Million Futures Liquidated As Price Takes A Beating Can Bullish Sentiment Propel SHIB To Higher Ground? If the positive sentiment persists, analysts predict a potential price surge for SHIB, reaching $0.00003. This would be a welcome change for investors who have witnessed a recent price slump. Meanwhile, SHIB’s Fibonacci retracement level shows that the memecoin’s price may drop further 15% to trade at a low of $0.000018 if the bears continue to put pressure on it and it falls below support. SHIB investors now have more cause for concern as this underscores the possible repercussions of a bearish breakthrough. Featured image from Pexels, chart from TradingView
Shiba Inu (SHIB) has demonstrated resilience despite recent market downturns. Data reveals that roughly over 700 trillion SHIB tokens held by more than 650,000 wallet addresses remain profitable, reflecting steadfast confidence among holders in the token’s long-term value. Shiba Inu Market Resilience Amid Volatility Recent on-chain analytics have uncovered an interesting trend among Shiba Inu investors. Despite a general dip in SHIB’s market price, investors continue to hold a substantial volume of tokens—totaling 733 trillion—showing unrealized gains. Related Reading: Massive SHIB Movement Ignites Market Speculation: Is A Big Surge On The Horizon? These holdings, maintained by approximately 653,530 individual wallets, were acquired at prices ranging from $0.000002 to $0.000022, averaging out at $0.000011. This indicates not only a significant level of acquisition but also a broad base of investors who entered the market at lower valuations, positioning themselves in profit despite the coin’s fluctuating fortunes. The “Break Even Price” indicator, a crucial tool derived from on-chain data, suggests that many SHIB holders are still in the green financially. This could point to a collective strategy among holders to weather short-term price movements, with an eye on potential long-term returns. Such data reinforces the notion of SHIB as more than just a speculative asset, hinting at a deeper conviction among its community regarding the token’s future potential. Long-Term Outlook And Ecosystem Developments Despite a decline of 5.2% over the past week and 11.9% over the past month, Shiba Inu has seen a recent uptick of 3.3% in its price in the last 24 hours, trading at $0.00002389. The SHIB price is moving sideways on the 4-hour chart. Source: SHIB/USDT on TradingView Notably, this upward trajectory in value mirrors the asset’s trading volume, which has also surged from below $400 million last week to above $600 million as of today. This recovery aligns with significant developmental strides within the Shiba Inu ecosystem, particularly the completion of a hard fork in its Layer-2 blockchain solution, Shibarium. The Shibarium hard fork, executed at block height 4504576, introduced enhancements aimed at improving usability and transaction efficiency. This was a response to community feedback advocating better performance and lower costs. This upgrade is expected to boost transaction speeds and stabilize transaction fees on Shibarium, making costs more predictable for users. Related Reading: Crypto Analyst Predicts 244% Shiba Inu Rally Based On Bull Flag Moreover, the recent hard fork’s dual focus—enhancing the Bor and Heimdall components of Shibarium—aims to refine the platform’s technical infrastructure. 1/ #Shibarium has successfully completed its hard fork at block height 4504576! Get ready for: •Blazing-fast transactions! ⚡ •Predictable gas fees! ⛽️ pic.twitter.com/oQrtF3OMTe — Shibarium Network (@ShibariumNet) May 2, 2024 By improving the calculation of state sync confirmation and ensuring deterministic finality, the Shiba Inu team appears keen on improving the network’s reliability and scalability. Featured image from Unsplash, Chart from TradingView
An analyst explained how Shiba Inu could be heading towards a massive rally based on a bull flag pattern that forms in its daily chart. Shiba Inu Has Been Consolidating Inside A Bull Flag Recently In a new post on X, analyst Ali has discussed about a bull flag that has recently appeared in the daily price of Shiba Inu. The bull flag is a pattern in technical analysis (TA) that, as its name suggests, is shaped like a flag on a pole. The pattern forms when an uptrend is followed by a period of consolidation inside a parallel channel toward the downward direction. The starting uptrend makes up for the pole, while the channel acts as the flag. Related Reading: Bitcoin Greed No More: Sentiment Back At Neutral After $57,000 Plunge Like other TA patterns, the consolidation channel or flag here comprises two parallel lines. The upper level connects the price tops, while the lower one joins the bottoms. When the asset retests either of these levels, it’s probable to undergo a reversal, with the upper line of the channel acting as a point of resistance and the lower one as support. A break above the resistance line is considered a bullish signal for the price. The uptrend resulting from such a break may be the same length as the flag’s pole. On the other hand, a drop below the flag (that is, a breakdown of support) invalidates the formation and may even suggest the takeover of bearish momentum for the asset. Similar to the bull flag, there is also the bear flag in TA, which works much in the same way, except that it occurs during a downtrend (with the flag signifying consolidation towards the upside following a downward pole). Now, here is the chart shared by Ali that shows the bull flag pattern Shiba Inu has potentially been forming on its daily price recently: The formation that the memecoin's price has been displaying during the last few weeks | Source: @ali_charts on X From the graph, it’s clear that the Shiba Inu 1-day price has been consolidating inside what appears to be a bull flag pattern channel in the past few weeks. “I’m placing buy orders around $0.000018343, aiming for a bullish breakout that sends $SHIB to $0.000072323,” says the analyst. The former level is about where SHIB should meet the flag’s support next if it continues in its current trajectory, while the latter target is based on the height of the pole. Related Reading: Bitcoin To $92,190: Crypto Analyst Reveals Path To ATH Target A run to the bullish target of $0.000072323 would imply a rally of more than 244% from the current spot price of the cryptocurrency, while from the lower support of $0.000018343, any such surge would correspond to a growth of over 294%. It remains to be seen whether Shiba Inu will show a break above this bull flag pattern and, if it does, whether the price will benefit from bullish effects. SHIB Price At the time of writing, Shiba Inu is trading around $0.00002110, down more than 18% over the past week. Looks like the price of the coin has been heading down over the last few days | Source: SHIBUSD on TradingView Featured image from Traxer on Unsplash.com, charts from TradingView.com
The cryptocurrency market continues its wild ride in 2024, with established giants like Bitcoin facing headwinds while seemingly outlandish projects like Shiba Inu experience unexpected growth spurts. Related Reading: Slap On The Wrist? DOJ Faces Backlash For Letting Binance Founder Off Easy For AML Failures Bitcoin Struggles To Find Footing Bitcoin, the undisputed king of […]
Pepe (PEPE) has been one of the best-performing crypto assets since the beginning of the year, with a year-to-date (YTD) gain of over 400%. This crypto analyst predicts that PEPE can continue this impressive run and become the largest meme coin by market cap, ahead of Dogecoin and Shiba Inu. PEPE To Flip Dogecoin (DOGE) And […]
In a recent X (formerly Twitter) post, Shiba Inu marketing lead, Lucie shared a blog highlighting the date for the upcoming launch of Shibarium’s network hard fork. According to Lucie, the new update will deliver fresh and advanced features for community members and users within the Shibarium ecosystem. Shiba Inu’s Shibarium Hard Fork Date Revealed […]
Crypto analyst Crypto Noan has revealed a profit-taking strategy that crypto investors can adopt as they invest in Shiba Inu (SHIB), the second-largest meme coin by market cap. This strategy would be most beneficial to those who need guidance in securing profits as the meme coin continues to make significant price gains. Price Levels To […]
The Shiba Inu development team has announced that the Shibarium network is poised to undergo a transformative hard fork on May 2. This pivotal upgrade is aimed at not only enhancing user experience but also bolstering the infrastructure supporting the growing ecosystem of the network. The forthcoming changes were elaborated upon through a series of […]