This Meme Coin Continues To Be Popular With Whales!

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shiba inu It recently formed a double bottom pattern on the weekly chart, signaling a trend reversal.

Shiba Inu, larger crypto- It remained in consolidation over the past month, despite occasional gains by the market. However, this consolidation phase may be coming to an end, according to analysts, who predict that the asset will emerge from its current cautious state.

Crypto Rand, a prominent crypto investor and trader, noted a pattern observed with the Shiba Inu on the daily chart.

“Eyes on SHIB, looking for exit!”

shiba inu

The chart reveals a descending wedge that SHIB has fallen into several times. The chart shows that every time SHIB hits the bottom of the descending wedge, its price skyrockets. This occurred in October 2022 and resulted in a high price of $0.00001488 before the FTX-induced drop the following month.

meme coin He also saw the bottom of the wedge in December 2022. This led to another price rally that pushed the asset up to $0.00001527 on February 5 this year. The asset has once again reached the bottom of the wedge. Considering past performances, Crypto Rand believes it will hold a rally again.

Moreover, SHIB KNIGHT, a Shiba Inu community influencer and trader, noted a long-standing accumulation pattern observed in the asset around the $0.0001091 region, predicting an impending breakout. pulled.

Additionally, on the weekly time frame, SHIB seems to have formed a double bottom formation with support around the $0.00000714 price level. A double bottom pattern occurs when the price of an asset drops to a certain level, bounces back, drops back to the same level as the first drop, and then rises again.

The double bottom pattern is considered bullish. Because it indicates that the price has found support twice at a certain level. This indicates that buyers are willing to buy the asset at this price. If the price rises above the neckline of the double bottom pattern, it will be seen as a confirmation of the pattern and may indicate a breakout.

SHIB Continues to Be the Favorite of Whales

Despite the consolidation, the Shiba Inu remains a favorite among whales on the Ethereum blockchain. A recent analysis of the top whales in Ethereum shows that Shiba Inu is the most traded token among these investors. showed.

Source : The Crypto Basic


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