DOGE killer Shiba Inu breaks out; Spots next target at $0.000045
Over the last 6 trading days, Sellers and buyers have seen SHIB’s price going to the moon as the coin formed the ascending triangle pattern.
New Delhi: Dogecoin price may have alarmed the downward trends for the Shiba Inu holders but SHIB proved it wrong. SHIB’s price has been looking like a textbook model of technical analysis theory with extended consolidation.
Elon Musk’s favorite cryptocurrencies DOGE is growing its market capitalization as SHIB is reportedly among the topmost traded crypto coin on Binance, Coinbase and Huobi.
As per the reports, SHIB has surged more than 260% in the last week.
SHIB is continuing to draw the attention of both beginner and veteran crypto enthusiasts, The recent spike in the price has made Shiba Inu the new king of the meme coins. But still, many investors have questioned that if this move can sustain with time.
Every SHIB HOLDER has the same question, Can Shiba Inu move higher?
Shiba Inu coin surged more than 55% on October 5 and it is being reported that an anonymous whale decided to buy almost 6.3 trillion SHIB in over 2 days. The so-called SHIB whale began to buy coins on October 1 and bought gigantic 6 trillion SHIB coins worth around $43,838,900 (around Rs. 3,27,81,19,505).
Over the last 6 trading days, Sellers and buyers have seen SHIB’s price going to the moon as the coin formed the ascending triangle pattern. The ascending triangle depicts the high positive expectancy rate of making a bullish breakout.
As per the analysts, this is the perfect condition for the bulls to create or add new long entries and try to close the coins price at the daily high of $0.00002785. From here the next goal could be the 61.8% Fibonacci expansion level at $0.000045.
This current bullish momentum can easily be invalidated if the buyers lose their interest. A daily close below $0.00002442 can trigger some extreme selling pressure. Investors will be interested to watch the Composite Index which recently crossed below the fast-moving average price level.