Gushiken Yona
The meme-inspired cryptocurrency, Shiba Inu (SHIB), is showing signs of a potential breakout, sending a jolt of energy through the crypto market.
A recent analysis by a crypto analyst, Bullish Banter (@bullishbanter01 on Twitter), has ignited a wave of optimism, suggesting that SHIB could be poised for a significant price surge. The analysis, shared on X, centered on the recent price action of SHIB, particularly its performance this month.
Bullish Banter pointed to a potential breakout pattern emerging from the coin’s price chart, noting that if SHIB manages to maintain its current price level above $0.00002, it could establish a solid support level, setting the stage for further upside.
“If $SHIB holds above $0.00002, we could see a solid support level forming for further upside,” the analyst tweeted. “Watch for retests of previous highs and a potential consolidation in the highlighted supply zone,” they added, referring to a specific price range on the chart where the coin may experience a temporary slowdown before resuming its upward trajectory.
The analyst believes that bulls, or investors who are optimistic about the coin’s future, could drive SHIB higher if the support level holds. However, he also cautioned that the coin may experience a period of consolidation in the highlighted supply zone before potentially breaking out to new highs.
“Bulls might push HIGHER,” they noted.
Bullish Banter’s analysis fueled optimism among SHIB investors, with many taking to social media to discuss the potential breakout pattern and its implications for the coin’s price. However, it’s important to note that technical analysis, while informative, is not a foolproof indicator of future price movements. Market conditions can change rapidly, and unpredictable factors can impact price action.
Despite the analyst’s optimistic outlook, it’s essential to remember that the crypto market is volatile and unpredictable. While SHIB has shown signs of strength, it remains to be seen whether the coin will follow the breakout pattern predicted by Bullish Banter. Investors should always exercise caution and conduct thorough research before investing in any cryptocurrency.
As of 3:02 a.m. ET Shiba Inu experienced a significant surge, with its price climbing 15.53% in a single day to reach $0.00002901. This momentum has been building over the past week, resulting in a 64.67% price surge, and over the past month, the coin has skyrocketed 62.79%, as per CoinMarketcap’s data.
The increased trading activity, with a 24-hour volume of $5.34 billion, has driven Shiba Inu’s market capitalization to $17.09 billion, a 15.87% increase from the previous day. This surge is likely fueled by a combination of factors, including positive technical indicators, increased investor interest, and a growing sense of bullish sentiment surrounding the meme coin.
Read More
- Shiba Inu Bites Into Top 10, Surpasses Global Brands in Market Cap Surge
- Why is Shiba Inu Surging? Shytoshi Kusama Reveals the Secret
- Shiba Inu Visionary Sees ‘Ahead of Its Time’ Proposal Echoed in Trump’s ‘Freedom Cities’ Plan
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.
