A Golden Cross and a Cup and Handle: A Perfect Storm for Shiba Inu
Shiba Inu (SHIB), the popular meme coin, has been making waves in the crypto market. With a recent 73% surge and a bullish technical outlook, SHIB is poised for even greater heights.
A Technical Analysis Masterclass: The Cup and Handle
Crypto analysts are buzzing about SHIB’s promising chart pattern. A classic “cup and handle” formation has emerged, indicating a potential breakout. If SHIB successfully breaks above the $0.00003050 resistance level, a significant price surge of up to 83% could be on the cards.
Read more: Shiba Inu Fiery Comeback: A 20% Surge and Top 10 Resurgence!
A Golden Cross Illuminates the Path
To add fuel to the fire, a Golden Cross has formed on SHIB’s chart. This bullish signal occurs when the 50-day EMA crosses above the 200-day EMA, suggesting a potential upward trend.
A Growing Community: More Wallets, More Power
The SHIB community continues to expand, with 7,548 new wallets joining the ecosystem in recent weeks. This surge in new users indicates growing interest and adoption, which could positively impact the token’s price.
Read more: Shiba Inu Fiery November: A $3 Billion Burn and Beyond!
A Burning Desire: Reducing Supply for Increased Value
A recent whale burn of over 2 billion SHIB tokens has further boosted the coin’s bullish sentiment. By reducing the circulating supply, the burn significantly impacts the token’s value proposition.
The Future of SHIB: A Bright Outlook
With a strong technical outlook, growing community, and strategic burns, Shiba Inu is well-positioned for a potential 100% rally. However, it’s important to remember that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly.
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As always, it’s crucial to conduct thorough research and consider consulting with a financial advisor before making any investment decisions.
