SHIB Poised for Bullish Ascend as Ascending Triangle Pattern Emerges

Trader Captain Faibik predicts a major rally for the Shiba Inu meme coin ($SHIB), citing an ascending triangle pattern on his chart. This pattern suggests higher lows and is considered bullish. SHIB is currently trading at $0.0000305, ranked 13th by market cap with a 24-hour increase of 1.3%.

Shiba Inu (SHIB) Poised for Bullish Rally Amidst Ascending Triangle Pattern

Prominent cryptocurrency trader, Captain Faibik (@CryptoFaibik), has suggested that the Shiba Inu (SHIB) meme coin is poised for another substantial rally, citing technical indicators that suggest bullish momentum.

In a recent tweet, Captain Faibik shared a chart that portrays characteristics of an ascending triangle pattern, a bullish formation characterized by higher lows. This pattern is common in price action and indicates potential for significant gains.

At the time of writing, SHIB is trading at $0.0000305, representing a 1.3% increase over the past 24 hours. It currently ranks 13th by market capitalization, with its established rival, Dogecoin, holding the 9th position.

The total market capitalization of SHIB stands at $17.9 billion, while its 24-hour trading volume amounts to $651 million. Analysis from IntoTheBlock data reveals that a significant proportion of addresses are holding SHIB within a price range of $0.000026 to $0.000035. Notably, 44.83% of these addresses are currently in profit.

Within the past 24 hours, a substantial transaction of 5.6 trillion SHIB tokens has been recorded. It is noteworthy that SHIB remains significantly below its all-time high, with a current decline of over 64%.

Captain Faibik's analysis suggests that SHIB is exhibiting bullish signs and may experience a substantial rally in the near future. However, it is crucial to emphasize that cryptocurrency trading involves inherent risks and investors should exercise caution and due diligence before making any decisions.

SHIB's strong community support and extensive social media presence have contributed to its popularity and could potentially fuel its upcoming rally. However, it remains subject to market volatility and wider economic factors, which could influence its price movements.