Home
News
- SHIB price is expected to witness another gain of about 90%
- Analysts deemed that one of its major continuation patterns on the longer time frame underscores that it may gain additional 90% upside move ahead
- Analysts believe that the crypto would pursue a breakout towards the upside from the Bull Pennant’s apex
SHIB price has already made its investors rich with its tremendous performance. It is worth noting that the price of the Dogecoin inspired meme cryptocurrency has surged by more than 1,250% year-to-date. According to analysts in the cryptosphere, although the cryptocurrency is in a very strong bullish market this year, one of its major continuation patterns on the longer time frame underscores that it may gain additional 90% upside move ahead. Indeed, the investors have begun to accumulate Shiba Inu near the said low level.
SHIB price forms lower highs and higher lows
SHIB price has surged higher to establish the yearly high at $0.00003528 earlier this October. However, after the gains, the digital asset cracked under the profit taking sentiment, and led to over 41% correction near the price level of $0.0002060.
Following the scenario, investors accumulated the dip. Indeed, a rebound ensued and the price rallied over 55% near the price level of $0.00003200. Notably, at the level, SHIB price again faced a sell off round. For conclusion it is observed that the levels kept forming lower highs and higher lows in the next trading sessions, and formed a Triangle structure that appeared like a Bull Pennant.
Where will Shiba Inu go next?
Analysts in the cryptosphere observed that SHIB price Flagpole’s height comes to be around $0.00002450. Analysts believe that the crypto would pursue a breakout towards the upside from the Bull Pennant’s apex. Indeed, it’s next target would be at the level of $0.00005200, approximately 90% above its current level. Still, Pennants are observed being notorious for being the worst reliable technical indicators, as per one study conducted by the Samurai Trading Academy. Notably, the study found that Bull patterns have successfully reached their price targets in almost over 54% cases.
Shiba Inu is also following celebrity words
Since the beginning of this month, we have observed that the SHIB price has almost doubled. Following the scenario, we have observed that the surge ca,e in part due to Tesla CEO Elon Musk’s cryptic endorsement of the project. The endorsement came amid reports of whales accumulating Shiba Inu coins and the rise of the project’s decentralized exchange ShibaSwap. According to the data from Defi Llama, the total value locked (TVL) inside the ShibaSwap contract was $411.42 million. Notably, in the beginning this month, the TVL was only $253.41 million.
