Shiba Inu Displays Bullish Signals, Hinting at Potential Price Surge

Shiba Inu’s chart shows an ascending triangle, suggesting a potential price surge.
Whale activity in SHIB sees a 551.43% spike in large transactions, totaling 5.9 trillion SHIB.
Despite recent market pressure, Shiba Inu remains in the green weekly, surpassing the daily MA 50 barrier at $0.0000099.

Shiba Inu (SHIB) is making waves with promising indicators that could pave the way for a significant price surge. The SHIB/USDT chart reveals an intriguing ascending triangle pattern, a technical formation renowned for signaling a bullish trend.

Read CRYPTONEWSLAND on

google news

This pattern is characterized by a flat upper resistance line and a rising lower support line, indicating that buyers are gradually gaining momentum against sellers. As each dip is bought up at a higher level than the previous one, the ascending triangle suggests accumulating pressure for an upward breakout.

Adding to the bullish narrative is the remarkable surge in whale activity within the Shiba Inu network. The large transaction volume has skyrocketed by an astonishing 551.43%, reaching a staggering 5.9 trillion SHIB. This surge implies significant activity among whales, whether in buying or selling, with a noteworthy $56.45 million worth of SHIB traded in large transactions in the last 24 hours.

Despite the recent bearish pressure across the cryptocurrency market, Shiba Inu stands resilient. Trading at $0.00000965 at press time, the coin reflects a marginal 1.15% increase in the last 24 hours. Impressively, Shiba Inu remains in the green weekly, posting a 3.77% increase over the last seven days. The challenge ahead lies in conquering the daily moving average (MA) 50 barrier at $0.0000099, a crucial level that, if breached, could potentially erase an extra zero from its current price tag.

Read also:

Bhea Lacsamana

Bhea is a fintech journalist specializing in crypto, with a unique blend of roles as a content creator, anthropologist, and qualitative researcher. Her articles dive into both financial technology and cultural traditions, reflecting her diverse interests. Catch her immersed in a book where her love for learning thrives.