As a seasoned researcher with years of experience analyzing the cryptocurrency market, I find myself intrigued by the current situation of Shiba Inu (SHIB). The bullish pennant pattern it has formed and the surge in activity on its layer-2 network Shibarium could signal a strong bullish breakout.
The Shiba Inu token could potentially experience a robust surge in its bullish trend, possibly following the formation of a bullish pennant structure. This optimistic outlook is further supported by the increasing number of accounts on the Shibarium platform.
Currently, the well-known meme cryptocurrency Shiba Inu (SHIB) is being traded around $0.000018, a price point it has maintained over recent weeks. This year, it has experienced a significant surge of approximately 70% from its lowest value.
The pattern of Shiba Inu’s (SHIB) price stability resembles that of other digital currencies, which have experienced a slowdown in growth lately. To illustrate, Bitcoin (BTC) has maintained a position just over $72,000 during the current week.
A possible rephrasing could be: The Shiba Inu might gain traction due to the positive progress witnessed in the Shibarium network this week. ShibariumScan data shows an uptick in the number of accounts within the network, now standing at 177,000 compared to 127,000 on October 1. The majority of these new accounts seem to have been created on October 17.
As a crypto investor, I’ve noticed that the volume of transactions within our network is steadily increasing. Just this month, it surged from 416 million to an impressive 438 million, demonstrating a robust and thriving ecosystem.
The bustle within Shibarium, the layer-2 platform associated with Shiba Inu, is noteworthy due to its reliance on the BONE token for processing transactions. Majority of these utilized BONE tokens are then swapped into SHIB, which are later destroyed (or burned).
Shiba Inu could potentially gain if Bitcoin surges past its previous record of $73,800, since this rise might spark a rally among popular meme coins.
Shiba Inu has formed a bullish pattern
Each day’s graph indicates that Shiba Inu has developed a double-bottom pattern at 0.00001253 USD, and subsequently climbed over the neckline at 0.000016 USD.
Additionally, it’s exhibiting a bullish pennant structure, which is marked by a tall straight section and a triangular shape that’s balanced on both sides. A bullish breakout often happens when the triangle nears its convergence point.
The Shiba Inu is now hovering over its 50-day moving average, suggesting a possible upward trend or bullish surge in the near future.
As a researcher, if Shiba Inu (SHIB) experiences a surge, it might challenge its all-time high of $0.00002150, reached on September 27. If it manages to breach this level, it could indicate potential growth trajectory toward the peak of $0.000030, recorded on May 29, which represents a noteworthy 60% increase from its current price.
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2024-10-31 18:28