Shiba Inu Enters Bull Market! Can Traders Push SHIB Price Rally To 2x?
The second-largest meme coin in the world, behind dogecoin dogecoin Cryptocurrencies Followers : 0 View profile , 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 peter brandt ceo at Factor LLC Peter Brandt Chief Executive OfficerAuthorTraderMarket Analyst Followers : 0 View profile , 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 shibatoken Coin / Token Followers : 0 View profile 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 decentralized [email protected] Event Organiser Followers : 0 View profile solutions to the network, developing use cases, and expanding as a project, in addition to holding a strong technological position in the market.