Gushiken Yona
A sense of anticipation hangs in the air for Shiba Inu hodlers, as a crypto analyst predicts the end of a recent price correction and the imminent arrival of a powerful upward surge, signaled by the appearance of “green vertical candles” on price charts.
Crypto Sheriff, known for their insightful technical analysis and bold predictions, took to X (formerly Twitter) on Wednesday, declaring, “The #SHIB chart touched the box I expected and the price correction is over! It’s time for new green vertical candles!”
Their proclamation, accompanied by a chart highlighting a key support zone, ignited a wave of optimism within the Shiba Inu community, eager for a return to the upward momentum that characterized much of September. Just a day prior, Crypto Sheriff foreshadowed this shift, noting that Shiba Inu was “undergoing a price correction of the recent rise. You will see harder green candles in UPtober!”
The chart, depicting the price of Shiba Inu against Tether (USDT) on the Binance exchange, reveals a descending trendline drawn from the September highs, indicating a period of price correction or consolidation. However, a horizontal support zone highlighted near the bottom of the chart suggests a level where buying pressure has historically been strong.
The recent price action, with SHIB touching this support zone and showing signs of a potential reversal, further supports Crypto Sheriff’s prediction. The appearance of a green candle suggests buyers are stepping in, and if the price can break above the descending trendline with strong volume, it could signal the end of the correction and the beginning of a new upward trend.
The prediction of “green vertical candles” evoked a powerful image of rapid, decisive upward movement. It was a visual representation of a surge in buying pressure, overwhelming selling pressure and propelling the token’s price skyward. This type of price action is often associated with breakouts from consolidation patterns, signaling a shift in market sentiment and the potential for significant gains.
While the future of any cryptocurrency remains inherently uncertain, Crypto Sheriff’s analysis offered a compelling case for Shiba Inu’s potential to resume its upward trajectory. As October unfolds, the Shiba Inu community will be watching closely, eager to see if the predicted “green vertical candles” materialize, painting a bullish picture for the meme coin that continues to defy expectations.
Shiba Inu (SHIB) experienced a volatile day on Wednesday, October 2nd. The price dipped by 9.63% to $0.00001657, despite a 24-hour trading volume increase of 53.18% to $815.23 million. Despite this short-term decline, SHIB remains up 9.78% over the past week and a substantial 22.86% over the last month.
Data from CoinMarketCap showed that Shiba Inu’s circulating supply stands at 589.27 trillion SHIB tokens, resulting in a market capitalization of $9.83 billion. Community sentiment on CoinMarketCap remains overwhelmingly bullish, with 86% of respondents expressing optimism about SHIB’s future.
Read More
- Shiba Inu Turns Up the Heat: Incinerated Billions of Tokens in September
- Shiba Inu Gears Up At Potential Uptober Momentum As Over 55% of Holders Are ‘In The Money’
- Shibarium Meteoric Rise Continues: TVL Surges to New All-Time High
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.
