This Breakout Could Drive Shiba Inu Prices Up 70%

With an intraday loss of 7.25%, the SHIB price is now trading at $0.00002775. Coingecko has a market valuation of $16.3 billion and a trading volume of $2.7 billion over the last 24 hours.

Major decline in Shiba inu pricing driven by a trendline with a downward slope
The multi-year resistance trendline is 12% away from being challenged by memecoin.


There seems to be an increase in whale interest, since the SHIB price fall coincides with a jump in big transactions.

Retest of Pennant Pattern in Shiba Inu Price In the Midst of Investor Building
In only two days, the price of a Shiba Inu dropped from $0.000033 to $0.000027, a loss of 16.4%. Mijosh, a crypto enthusiast, said that the meme coin had an 87% spike in daily transactions and a 355% increase in major transactions during this decline.

This increase shows that investors are becoming more interested, which might mean that they bought during the decline in the hopes that the price would go up again.

Recently, $SHIB's market value surged to the top ten among alternative cryptocurrencies.Shiba Inu has had a 355% surge in major transactions in the last 24 hours, according to @intotheblock.

At the moment, SHIB is challenging the pennant pattern's trendline, which was broken not long ago, at a price of $0.000028. A flagpole pattern, in which prices rise sharply before forming a symmetrical triangle or wedge, usually indicates a short break before the trend resumes.

If the pennant pattern is correct, the Shiba Inu price has the potential to make a 12% rebound and test the $0.0000315 trendline of falling resistance. This downward trend has been fueled in large part by this resistance that has been there since November 2021. If SHIB breaks out above this level and the market closes higher than it did the previous day, it may signal a change in trend, which could send the price soaring 62% to $0.000045.

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