SHIB has just broken through a long-term descending triangle pattern, reaching a key milestone. Currently, SHIB's trading price is $0.000028, up 0.92%.
Even more exciting is that its token destruction rate has surged by 1,068%, resulting in trillions of tokens being taken out of circulation, significantly boosting market optimism.
Investors are beginning to view SHIB favorably, anticipating a strong rebound and believing it may be heading towards a bullish market.
Breakthrough of the descending triangle pattern.
Shiba Inu (SHIB) has successfully broken through the descending triangle pattern, marking a significant shift in market trends. Currently, SHIB is approaching the critical resistance level of $0.000033, and breaking through this level may open the door for further increases.
From a technical perspective, the STOCH RSI has shown oversold signals, suggesting that SHIB may be on the verge of a rebound. Moreover, the crossover of the 9-day and 21-day moving averages further strengthens the upward momentum, providing more bullish signals to the market. However, breaking through the resistance level of $0.000033 remains crucial to ensure the stability of the upward trend; failing to do so may impact the sustainability of the rise.
Shiba Inu activity is increasing.
Recent data shows that SHIB's activity in the ecosystem continues to rise. In the past 24 hours, the number of active addresses has increased by 1.06%, and trading volume has also risen by 1.05%, reaching 11,870 transactions.
This increase in activity indicates growing market interest in SHIB, especially after a significant rise in token destruction rates. The increase in trading volume also shows that SHIB is attracting more investor attention.
Market sentiment is relatively stable.
SHIB's reserves on exchanges have reached 1.3589 trillion tokens. Although this represents a slight increase of 0.09%, it indicates that there is little selling pressure. Due to the relatively balanced buying and selling activity, SHIB has maintained a positive upward momentum after breaking the descending triangle pattern.
This state of balance is key to determining whether SHIB can continue to maintain a bullish trend, particularly in the context of stable buying interest.
The long/short ratio indicates cautious optimism.
The long/short ratio for SHIB currently shows that bulls account for 46.08% and bears account for 53.92%. Although market sentiment leans towards bearishness, SHIB has demonstrated considerable resilience, with buying pressure gradually increasing.
If buying pressure continues to increase, market dynamics may change, thereby supporting the bullish trend. SHIB is currently close to a key resistance level, and breaking through this position will be a critical moment in determining the next market movement.
Conclusion: The future of Shiba Inu is full of potential.
Key breakthroughs, a continuously rising destruction rate, and increased trading activity indicate that SHIB has significant bullish potential. If SHIB successfully breaks through the resistance level of $0.000033, investors can expect further increases shortly. With the current momentum, SHIB is becoming the focus of the cryptocurrency market.
