Gushiken Yona
Shiba Inu (SHIB), the world’s second-largest dog-themed altcoin, is flashing major buy signals, with one analyst predicting an eye-watering 4450% price surge, pinpointing critical targets for the token.
Crypto analyst Crypto Elites predicts a bullish trajectory for Shiba Inu. The analyst outlined three price targets: 0.000085171, 0.000183312, and 0.000472905, representing potential gains of up to 4450% from the current price.
Shiba Inu Technical Analysis Points to Potential Breakout
The technical outlook for SHIB was positive, according to Crypto Elites. The analyst noted that as Bitcoin (BTC) dominance decreases, SHIB will likely gain more market share, taking a positive approach.
Crypto Elites shared a chart illustrating a potential “cup and handle” pattern forming on the SHIB/USDT weekly chart. This pattern, considered bullish by technical analysts, suggested a period of consolidation followed by a significant upward price movement if the pattern holds.
Whale Activity and Consolidation Signal Bullish Momentum
Crypto trader @Blave offered a more nuanced perspective, noting that SHIB needed more time to consolidate. While short-seller concentration is shrinking, which is bullish, the weakening long-term momentum posed a challenge.
@Blave’s analysis of the Shiba Inu holder concentration chart indicated that whales, large holders of the cryptocurrency, were closing their short positions. However, a decline in long-term momentum suggests that strong buying pressure might be waning, a potentially bearish indicator.
Short-Term Squeeze Momentum Weakens, Taker Intensity Rises
@Blave’s analysis of the squeeze momentum chart showed a recent downtrend. This suggested a reduction in short-term buying pressure for SHIB.
Conversely, the taker intensity chart revealed a recent spike in activity. This could indicate increased buying pressure from market participants taking liquidity, potentially supporting a short-term price increase for the Shiba Inu cryptocurrency.
Shiba Inu Experiences Volatility Amidst Market Fluctuations
As of 10:36 a.m. ET on Wednesday, Shiba Inu (SHIB) was trading at $0.00002816. The meme coin experienced a significant 24-hour trading volume of $2.24 billion, indicating continued high investor interest.
The token’s price saw an increase of 5.19% within the last day. However, SHIB faced a 7.14% decline over the past week.
Shiba Inu Monthly Gains Highlight Underlying Bullish Sentiment
Despite the recent price pullback, Shiba Inu demonstrated a 9.92% surge over the past month. This monthly gain points to a potentially underlying bullish sentiment surrounding the cryptocurrency despite market fluctuations.
Data from CoinMarketCap revealed a circulating supply of 589.25 trillion SHIB. This vast supply is a defining characteristic of the token’s economics, influencing its price dynamics.
Market Capitalization Reflects Growing Investor Confidence
Shiba Inu’s market capitalization stood at $16.78 billion, reflecting a 5.23% increase on the day. This rise in market cap suggests growing investor confidence in the meme coin’s long-term prospects.
The increase in market capitalization could be attributed to the recent activities of crypto whales. These large holders have been observed closing their short positions, signaling a potential shift in market sentiment.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
