Gushiken Yona
The Shiba Inu (SHIB) market is flashing bullish signals, as prominent crypto traders observe a potential end to the recent accumulation phase. This development, coupled with other positive indicators, has led to speculation of an impending price breakout for the popular dog-themed altcoin.
Crypto trader @Gem_Sheriff, also known as Crypto Sheriff on X, recently highlighted that despite a substantial price rally, investors continued to accumulate SHIB. The trader also noted that low Relative Strength Index (RSI) values suggested Shiba Inu might be oversold, potentially indicating an undervaluation. These factors combined led to speculation that SHIB might be ready to transition from an accumulation phase to a new bull run, where its price could increase significantly.
Adding to the bullish sentiment, an OG Shib Army member who uses the handle @dhelzkiie7 pointed to the formation of a double bottom pattern on the SHIB price chart. This technical pattern, resembling a “W,” typically signals a reversal of a downtrend and the beginning of an uptrend. If this pattern holds, the trader expressed hope for a price bounce, but also noted that if it doesn’t, the “next support” is at the 1500 level.
The confluence of these factors has ignited excitement within the Shiba Inu community, with many investors eagerly anticipating a potential bull run. However, as with any investment, caution is warranted. The cryptocurrency market is notoriously volatile, and unforeseen events can quickly alter the landscape.
Despite the recent price drop—an 8.14% decrease within the last 24 hours as of 4:20 a.m. ET on Thursday, bringing SHIB to $0.00001553—the trading volume surged by a notable 54.48% within the same 24-hour period, reaching $283,750,865. This heightened level of market activity and investor interest in the token, even amidst the price volatility, suggests a continued interest in the token.
The current circulating supply of SHIB stands at a staggering 589,270,889,654,942 tokens, contributing to a total market capitalization of $9,133,696,955, latest data from CoinMarketpCap revealed.
While current market conditions and observations from traders suggest a positive outlook for SHIB, it’s important to remember that these are not definitive guarantees of a price surge. Nevertheless, the growing bullish sentiment surrounding SHIB is undeniable.
The coming weeks and months will reveal whether the world’s second-largest dog-themed altcoin can capitalize on this momentum and break out to new all-time highs. For now, all eyes are on SHIB as traders and investors alike eagerly await the next chapter in this exciting saga.
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
