The post Shiba Inu (SHIB) Poised for Massive Bull Rally Amid Bullish Falling Wedge Pattern appeared on BitcoinEthereumNews.com.

Shiba Inu’s price started to consolidate in a bullish pattern mid-July, signaling potential upward momentum. The SHIB’s NVT ratio showed an increase, with other market indicators pointing towards a possible breakout. Market data last week showed SHIB’s price experiencing volatility, but recent trends suggest a bullish reversal. Explore the recent bullish trend in Shiba Inu’s market activity and understand the potential outcomes for investors. Shiba Inu’s Recent Price Consolidation Since mid-July, Shiba Inu’s price has entered a phase of consolidation marked by a bullish pattern. Observations over the past seven days indicated a bearish dominance; however, the last 24 hours saw a noteworthy shift. A new bullish pattern on the memecoin’s chart has emerged, indicating the potential for a significant upward trajectory if the bullish breakout is confirmed. Analyzing Market Data: CoinMarketCap Insights According to recent data from CoinMarketCap, SHIB witnessed a more than 2% price drop over the past week, only to rebound with a 2.4% increase in the last 24 hours. At present, Shiba Inu is trading at $0.00001721 with a market capitalization surpassing $10.14 billion, positioning it as the 13th largest cryptocurrency. Importantly, a bullish falling wedge pattern has been identified on SHIB’s 12-hour chart, which has been forming since July 15, signaling consolidation with an imminent breakout on the horizon. SHIB’s Metrics and Market Indicators An analysis of SHIB’s metrics revealed interesting insights. Glassnode’s data showed an increase in the NVT ratio over recent days, often an indicator that an asset might be overvalued, suggesting potential for a price correction. However, Santiment’s data presented a more nuanced view. It indicated that while top addresses holding SHIB did not make substantial moves, there was a slight increase in buying pressure last week. This is evidenced by an increase in exchange outflows and a decrease in supply on…

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Filed under: News - @ July 28, 2024 10:16 am