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, Shiba Inu 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.
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Source: https://coinpedia.org/altcoin/shiba-inu-enters-bull-market-can-traders-push-shib-price-rally-to-2x/