As a seasoned researcher with years of experience analyzing cryptocurrency markets, I have seen my fair share of bull runs and bear markets. The recent surge in Shiba Inu (SHIB) has caught my attention, as it seems to be following a classic double-bottom reversal pattern, a chart setup often spotted at major market bottoms.
Over the past five days, SHIB, the second-largest meme cryptocurrency in terms of market value, saw a significant jump of approximately 14%. Its value increased from $0.000013 to $0.00001478. This upward trend might be due to the general market rebound following the U.S. Federal Reserve’s decision to lower interest rates by 0.5%. The recent price movement of Shiba Inu suggests a possible prolonged recovery, as it exhibits signs of a double-bottom reversal pattern – a technical indication often associated with a shift from a downtrend to an uptrend.
Shiba Inu Price Targets 38% Surge as Bullish Reversal Takes Shape
The cryptocurrency market took a bullish turnaround in September following the Bitcoin price reversal from $52,500 to $63,456— a 20% increase. The renewal recovery sentiment shifted the prevailing correction in Shiba Inu price into a sideways trend above $0.0000123.
Over the past eleven weeks, I’ve observed three unsuccessful attempts by SHIB to break through its lower support line. This persistent failure suggests that the current price range is a favored accumulation zone for buyers. Recently, there was a reversal that boosted SHIB by 19.82%, pushing its trading value to $0.0000147. Concurrently, the market capitalization swelled to a staggering $8.7 billion.
Examining the day-by-day graph reveals a potential double-bottom reversal pattern, a chart configuration frequently observed around significant market low points.
If the current trend continues, the meme coin based on dogs could experience a 9.3% increase before it potentially breaks free from its $0.000016 ceiling. This breakout could strengthen the bullish trend further, possibly leading to another jump of approximately 25%, aiming for a price of around $0.00002.
Based on Santiment’s findings, the quantity of SHIB held on exchanges gradually decreased, eventually amounting to approximately 75.3 trillion coins. This continuous decrease might signify that investors are withdrawing their tokens from exchanges, which could be an indication of increased accumulation or lessened selling pressure.
Instead of rising, the 30-day Market Value to Realized Value (MVRV) ratio has unexpectedly reached 7.66%, suggesting that short-term investors are currently in a profitable position. Typically, an MVRV ratio value between 8% and 10% has previously corresponded with the peak of Shiba Inu’s price predictions. This is because such speculative traders often choose to sell early for profit taking purposes.
Given continued overhead pressure, there’s a possibility that the Shiba Inu price might drop back to around $0.000012, potentially extending the period of sideways movement.
For a detailed analysis, check out the top meme coins article.
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2024-09-21 23:29