Memecoin Shiba Inu (SHIB) has come once again in action. Over the last 24 hours, the SHIB price skyrocketed more than 30% hitting an intraday top of $0.00001766. The recent price rally in Shiba Inu comes on the backdrop of a strong whale accumulation. As on-chain data provider Santiment writes:
“Shiba Inu has been on the move this weekend, and is up +34% in the past 24 hours while #crypto has been fairly flat. Not so coincidentally, whales have been very active on $SHIB. There have been 433 transactions valued at $100k+, the most in 4 months”.
As of press time, Shiba Inu (SHIB) is currently trading more than 15% up at a price of $0.0000163. A majority of the price uptick in Shiba Inu has come just over the last 48 hours.
Shiba Inu Breakout on Technical Charts
Memcoin Shiba Inu (SHIB) has recently given a “cup-and-handle” breakout leading to this price pump. As per Investopedia, “A cup and handle is a technical chart pattern that resembles a cup and handle where the cup is in the shape of a “u” and the handle has a slight downward drift”. Take a look at the below image to understand Shiba Inu’s “cup-and-handle” pattern formation.
The breakout in the above chart shows that the SHIB price can travel the distance of the arrow in the next price momentum. Thus, Shiba Inu holds enough potential of surging another 50% from the current levels. By September 2022, the SHIB price could be heading towards $0.00002253. Here’s more on what’s next for the SHIB price going ahead.
Shiba Inu has been part of some key developments in recent days. Last week, Binance added support for SHIB on all of its payment cards issued in the European market. This will allow Binance card users to pay with SHIB at 60+ million merchants worldwide. Users will have to pay zero FX charges and also earn up to 8% cashback.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link By Bhushan Akolkar