Shiba Inu sees record speculative frenzy, catching a 5-week winning trend. Speculative enthusiasm in popular meme token Shiba Inu (SHIB) has reached unprecedented levels recently, echoing the individual interest frenzy observed prior to May’s price drop. Detail cryptocoin.com‘in.
Record interest for SHIB
The number of addresses acquiring the cryptocurrency within 20% of its all-time high price increased sixfold to 116,560 in the eight days to November 2. The rise in addresses dubbed “All-Time Highs” signals a rush to buy the cryptocurrency near the highest price – a sign of loss-of-loss (FOMO) among traders. FOMO is usually seen in the last leg of bull markets. “When this model last appeared on the Shiba Inu in May, SHIB dropped 90%,” IntoTheBlock said in its weekly newsletter published Sunday.
However, past performance is no guarantee of future action. As the old saying goes, markets can remain irrational longer than sellers can stay solid. So SHIB’s All-Time Highs record doesn’t mean an accident is imminent. However, as IntoTheBlock points out, it serves as a fairly accurate indicator of the degree of speculative action taking place. Knowledgeable traders often cut back on long positions when individual signs of FOMO appear. The Dogecoin killer fell 15% last week, ending a five-week rally where prices rose nearly 10x to $0.00008870. At the time of writing, the cryptocurrency was changing hands near a descending trendline resistance at $0.000055.
“Purchase opportunity is around the corner”
Shiba Inu bulls are taking losses, but buying opportunity is just around the corner, according to analyst Filip L. Shiba Inu price is stuck in a bearish triangle with a price target of $0.00004490. SHIB price still sees buyers’ interest as the RSI is not trading in the oversold zone. The analyst says: “Wait for the bulls to break below the pivot with $0.00005000 and $0.00004490 as entry points. Shiba Inu (SHIB) price is caught in a bearish triangle and is set to decline below the monthly pivot and 50% Fibonacci level. With the Relative Strength Index still above 50, the bears still have plenty of room to lead prices down as the SHIB bears try to complete the triangle. Expect a break to the bottom of the triangle at $0.00004490 and a possible bounce off the 61.8% Fibonacci level at the same level.”
According to the analyst, Shiba Inu bulls are waiting for the triangle to complete before the bullish breakout. Shiba Inu price saw a highly bullish reaction on November 4, when SHIB price temporarily dropped below the $0.00004490 Fibonacci level of $61.8 before recovering. This level also falls to the technical pivot level on October 24. The bulls were initially rejected from making a new high at this level, but made a clear break in the days after that. According to analyst Filip L.: “SHIB price will see the bears first attempt to complete the downtrend by completing the triangle with a touch on the same pivot and Fibonacci level near $0.00004490.”
According to the analyst’s forecast, once the bears cut their triangle play to $0.0000490, he expects the bulls to take the Shiba Inu price action and defend this level once again. Until then, the RSI will drop below 50, signaling the green light for buyers to step in and buy SHIB coins at a discount. Analyst says: “If more positive tailwinds occur, expect buyer-side volume to explode with $0.00008373 as the upside profit target once the red descending trendline is broken.”
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