SHIB News: Potential 7x Growth and Bullish Technical Setup Identified

Recent analysis of the Shiba Inu (SHIB) chart has revealed a promising technical setup, sparking excitement among investors and analysts alike.

SHIB Shows Bullish Technical Setup with 7x Growth Potential

A striking pattern is emerging on the Shiba Inu (SHIB) chart, fueling speculation of a significant price rally. One analyst, Crypto Tagon, published an analysis on TradingView focusing on the SHIB/USD pairing on the weekly chart. The chart shows a large, multi-year triangle pattern spanning approximately 3.5 years. Shiba Inu is currently testing and seemingly rebounding from the lower boundary of this triangle, which coincides with a “Double Bottom” formation. The recent low matches a previous low established on August 5, 2024, indicating potential for a 7x increase in value.

Shiba Inu Treat Soars: Ecosystem’s Rising Star Rockets Up

Shiba Inu Treat ($TREAT) has experienced a significant 16.20% price surge over the preceding 24 hours, trading at $0.006026 as of early Thursday trading. The trading volume has also substantially increased to $5,921,841, indicating heightened investor interest. This surge positions TREAT as a standout performer in a cryptocurrency market characterized by uncertainty and fluctuating prices.

Elon Musk’s Role in Shiba Inu’s Future: Key Developments for SHIB

Elon Musk’s connections to Shiba Inu are creating buzz in crypto circles. Recently, Shiba Inu’s lead marketing strategist, LUCIE, reached out to Musk regarding SHIB’s transformation. This outreach highlights major developments that could impact the token’s future direction. As the Shiba Inu burn rate accelerates and new technology is implemented, various blockchain initiatives are working on innovative approaches to network scalability.

Whale activity drives SHIB price movements

Whale alert: 25.5B SHIB transferred in hours. Despite significant withdrawals from exchanges, the bearish trend continues. Exchange netflows show a blend of accumulation and selling, with large holders redistributing their assets. A few days ago, wallets holding between $1 million and $10 million worth of SHIB reduced their balances by 31% in a single day, pushing the price below $0.000014. However, the latest data reveals that whales are back in action despite recent sell-offs.