Gushiken Yona
The Shiba Inu ($SHIB) chart is currently flashing “super bullish” signals that could lead to a “giga pump, according to the recent forecast by a crypto trader.
On Wednesday, a prominent crypto trader who uses the X handle @Gem_Sheriff and more popularly known as Crypto Sheriff, provided a detailed analysis of the Shiba Inu chart, highlighting that SHIB had finally tested its major support and rebounded. This bounce from key support levels is often a strong indicator of positive momentum, and in this case, it suggests that SHIB is poised for what the trader referred to as a “giga pump.”
In a new X post on Thursday, the crypto trader once again mentioned about the Shib chart “looking super bullish” and explained, “I’m not saying this to create FOMO; this is actually what I see.” He pointed out that SHIB’s recent price movements have established a robust foundation, implying that the cryptocurrency is ready for significant upward movement.
The “super bullish” description made by Crypto Sheriff is based on a technical analysis of Shiba Inu’s price chart. In technical trading, a bounce from major support levels is a critical signal. Support levels are price points where a cryptocurrency historically does not fall below, due to increased buying interest.
When SHIB tested this level and bounced, it demonstrated strong investor confidence and a high probability of upward price movement. This kind of bullish signal is often followed by increased buying activity, as traders and investors anticipate future gains.
Historically, such signals have preceded substantial rallies in various cryptocurrencies, driving both new and existing investors to increase their positions. For the Shib Army, this analysis not only boosts morale but also serves as a strategic insight into potentially profitable trading actions.
While it’s important to note that the crypto market is notoriously volatile and subject to rapid fluctuations, the current technical analysis and recent developments within the Shiba Inu ecosystem suggest a potential bullish trend for SHIB. However, investors are advised to conduct their own research and exercise caution before making any investment decisions.
As of 2:15 p.m. ET on Thursday, Shiba Inu (SHIB) is defying the broader crypto market’s subdued performance, trading in the green at $0.0000165. The token has experienced a remarkable surge in recent weeks, boasting a 0.85% increase in the past 24 hours, a notable 9.55% climb over the last seven days, and an impressive 22.50% surge in the past 30 days.
This bullish momentum has propelled Shiba Inu’s market capitalization to $9,757,436,583, a 0.85% increase from the previous day, with a circulating supply of 589,270,749,328,709 SHIB, according to data from CoinMarketCap. This significant price appreciation and market cap growth further solidifies Shiba Inu’s position as a major contender in the cryptocurrency landscape.
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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.
