SHIB price soared over 30% on Sunday reaching an intraday high of $0.00001768. The current increase in the price of Shiba Inu coincides with a large accumulation of whales.
According to Santiment, an on-chain data provider: “ While the cryptos were relatively flat, the Shiba Inu was bullish, rising by +34%. Whale activity on $SHIB has been quite high, which is no coincidence. There were 433 transactions of $100,000 or more, the highest in 4 months ».
The Shiba Inu (SHIB) retraced slightly this Monday morning at $0.00001560.
Shiba Inu also benefited from good news recently. Users of cards Binance will now be able to use SHIB at more than 60 million merchants worldwide. They can earn up to 8% cashback without paying exchange fees.
Shiba Inu (SHIB) Technical Analysis
The Shiba Inu broke a ascending triangle formation in line with the bullish momentum that has been building since mid-June. The triangle in question had support at $0.00001260.
Looking back on the chart, we can see that the SHIB has also formed a figure in cup with handle or “cup-and-handle”. The cup with handle pattern is a technical chart pattern that looks like a cup with handle as the name suggests.
It is a figure of reversal which forms a U which represents the cup and a congestion. The latter was the ascending triangle that the price broke this weekend on the upside.
Shiba Inu (SHIB) Price Prediction
Based on the Shiba Inu’s technical price target obtained by projecting the range of the pattern upwards from the broken resistance at $0.00001260, the SHIB may rise further to $0.00001818. That is an increase of 16% compared to the current price.
The Shiba Inu would then be back to pre-destination levels. terra crash in May 2022.