Gushiken Yona
Shiba Inu (SHIB) is poised for a dramatic price surge, according to a bullish prediction from a prominent crypto trader. The meme coin is on the cusp of a massive rally, with the potential to climb over 498%, igniting excitement among investors.
The price of Shiba Inu is showing signs of a major bullish breakout, according to crypto trader Javon Marks (@JavonTM1 on X). In a recent X (formerly Twitter) post, The crypto trader highlighted that SHIB is approaching the critical juncture of a “massive Falling Wedge pattern” on the daily chart.
“$SHIB’s ≈6X: Prices of Shiba are currently nearing the converging or breakout point of a massive Falling Wedge pattern on the daily (1d Chart) and with a recent confirmation of a Regular Bullish Divergence, this can be pointing to a bullish breakout,” Marks said in an X post, emphasizing the confluence of bullish signals.
A falling wedge, characterized by converging trendlines as prices decline, is often interpreted as a bullish reversal pattern. This, coupled with a bullish divergence – where price action diverges from a momentum indicator – strengthens the case for a potential upswing.
Marks believes this confluence of technical indicators could ignite “the next phase of heavy bullishness” for Shiba Inu. He pointed to a target of $0.000081, representing an eye-watering 498% increase from current price levels. This target, according to Marks, stemmed from a previously confirmed larger breakout, further bolstering his bullish outlook.
While the prospect of a near 500% surge is undoubtedly enticing for traders, prudence dictates a cautious approach. The volatile nature of the cryptocurrency market means that even the most compelling technical setups can be invalidated swiftly. As always, thorough research and risk management remain paramount for investors navigating the ever-unpredictable crypto landscape.
Despite the recent market volatility, Shiba Inu (SHIB) is flashing green as of Monday evening. At 8:02 p.m. ET, the world’s largest dog-themed altcoin by market capitalization was trading at $0.00001334, reflecting a 0.70% increase over the past 24 hours. This upward momentum comes on the heels of a significant surge in trading volume, which skyrocketed by 69.56% to reach $179,899,422 within the same timeframe.
Zooming out, SHIB’s price has experienced a 4.07% dip over the past week but boasts a robust 26.30% gain over the last 30 days. This positive price action is mirrored in Shiba Inu’s market capitalization, which has swelled by 0.89% to reach $7,864,071,628, according to data from CoinMarketCap. With a circulating supply of 589,270,351,531,893 SHIB, the recent uptick in price and trading volume suggests renewed investor interest in the popular canine-themed cryptocurrency.
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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.
