Gushiken Yona
Crypto traders are anticipating a significant upward movement for Shiba Inu (SHIB), with predictions of a potential triple-digit average pump on the horizon.
Crypto enthusiasts are abuzz with predictions of a significant surge for Shiba Inu (SHIB), a popular meme-based cryptocurrency. The optimism stemmed from technical analysis, historical patterns and current market conditions suggest that SHIB may be poised for a remarkable price surge, capturing the attention of investors and enthusiasts alike.
Prominent crypto analyst Crypto Sheriff, known by his X handle @Gem_Sheriff, ignited a wave of excitement within the Shiba Inu community with a recent tweet proclaiming a “bullish weekend” for the popular meme coin. This pronouncement, highlighting SHIB’s positive market performance and a surge in investor confidence, has further solidified the growing optimism surrounding the future of Shiba Inu.
Additionally, the tweet mentioned the removal of “negativities” in the crypto space, potentially alluding to regulatory hurdles or negative news that had previously hampered SHIB’s growth. With these obstacles seemingly cleared, Crypto Sheriff predicted “vertical movements” for SHIB, suggesting a potential significant price increase.
This bullish sentiment was mentioned earlier this week by another prominent crypto trader, Kevin (@Kev_Capital_TA on X), known for accurately predicting the recent altcoin pullback. Kevin pointed out that SHIB had historically seen an average 146% pump after seven weekly Stochastic RSI crosses at major support levels. With SHIB already up 30% from its local bottom, Kevin believed there was “much more upside in tank.”
Kevin’s analysis suggested that SHIB’s current technical indicators aligned with previous patterns that had led to significant price increases. The Stochastic RSI is a momentum indicator that compares a cryptocurrency’s closing price to its price range over a given period.
A cross of the Stochastic RSI lines can signal a potential trend reversal or continuation. In this case, Kevin’s observation of seven previous instances where this cross occurred at major support levels, followed by an average 146% pump, suggested a strong possibility of a similar scenario playing out again.
While these tweets offered a positive outlook for SHIB, investors are reminded that crypto markets are highly volatile and should conduct thorough research before making any investment decisions. Technical analysis, such as that provided by Kevin, can be a useful tool for predicting price movements, but it is not foolproof and should be considered alongside other factors such as market sentiment, news, and fundamental analysis.
Shiba Inu’s market performance saw a significant uptick as of 2:32 p.m. ET on Saturday, with the cryptocurrency trading at $0.00001723. This represented a notable 4.65% spike within the 24-hour period, fueled by a 7.09% increase in trading volume, reaching $222,469,295.
Despite a 19.78% dip over the past month, the recent surge signals a potential shift in momentum, with a 1.44% increase observed over the last seven days. Data from CoinMarketCap further revealed an impressive 4.54% spike in Shiba Inu’s market cap, now standing at $10,162,728,403, with a circulating supply of 589,270,745,783,609 SHIB.
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.
