{"id":354455,"date":"2021-10-18T17:03:35","date_gmt":"2021-10-18T14:03:35","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/shiba-inu-eyes-much-wow-90-breakout-as-shib-price-paints-a-textbook-bull-pattern\/"},"modified":"2021-10-18T17:03:35","modified_gmt":"2021-10-18T14:03:35","slug":"shiba-inu-eyes-much-wow-90-breakout-as-shib-price-paints-a-textbook-bull-pattern","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/shiba-inu-eyes-much-wow-90-breakout-as-shib-price-paints-a-textbook-bull-pattern\/","title":{"rendered":"# Shiba Inu eyes &#8216;much wow&#8217; 90% breakout as SHIB price paints a textbook bull pattern"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23e5700a86c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23e5700a86c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/shiba-inu-eyes-much-wow-90-breakout-as-shib-price-paints-a-textbook-bull-pattern\/#Macro_fundamentals\" >Macro fundamentals<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Shiba Inu eyes &#8216;much wow&#8217; 90% breakout as SHIB price paints a textbook bull pattern <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>The Shiba Inu (SHIB) market is in a very strong bull market in 2021, and one major continuation pattern on its longer timeframe charts highlights the scope for an additional 90% upside move ahead.<\/p>\n<p>In detail, SHIB rose over 1,250% year-to-date (YTD) to establish the yearly high at $0.00003528 (data from Binance) on Oct. 8. Later, the cryptocurrency cracked under the profit-taking sentiment, leading to a 41.50% price correction to $0.00002060.<\/p>\n<p>But bulls started accumulating SHIB near the said low level. A rebound ensued and the price rallied over 55% to $0.00003200, where it met another round of selloffs. Overall, the SHIB price kept forming lower highs and higher lows in the next sessions, forming a Triangle structure that <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared like a Bull Pennant.<\/p>\n<p>Analysts treat Pennants as bullish continuation patterns, i.e., their formation, coupled with declining trade volumes, tends to send prices in the direction of their previous trend \u2014 by as much as the height of the previous price rally, also known as Flagpole. <\/p>\n<p>So it appears, SHIB has been forming the same structure.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/14096f32-bb30-4c0f-8a6a-8190acdbd6f8.png\"><figcaption style=\"text-align: center;\"><em>SHIB\/USDT 12-hour price chart featuring Bull Pennant setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The SHIB Flagpole&#8217;s height comes to be around $0.00002450. Therefore, considering the cryptocurrency would pursue a breakout to the upside from the Bull Pennant&#8217;s apex (the level at which its upper and lower trendlines converge), its next target would be at around $0.00005200, roughly 90% higher.<\/p>\n<p>Yet, Pennants are notorious for being the worst reliable technical indicators, at least according to a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/samuraitradingacademy.com\/7-best-price-action-patterns\/\">study<\/a> conducted by Samurai Trading Academy&#8217;s Cody Hind in 2020, based on his\u00a0assessment of 10 years of market data and over 200,000 trading structures.\u00a0<\/p>\n<p>He found that Bull Pennants successfully reached their price targets in 54.87% of cases.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Macro_fundamentals\"><\/span>Macro fundamentals<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The SHIB price almost doubled in October in parts due to Tesla CEO Elon Musk&#8217;s cryptic endorsement of the Shiba Inu project and amid reports of whale buying activity and the rise of its decentralized exchange ShibaSwap.<\/p>\n<p>Soecifically, Musk posted the picture of his Shiba Inu puppy on Oct. 4. The billionaire entrepreneur&#8217;s tweet coincided with the SHIB price rallying by more than 330% in the next four days, reminiscent of how he influenced the prices of Dogecoin (DOGE) earlier this year.\u00a0\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"de\" dir=\"ltr\">Floki Frunkpuppy <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/xAr8T0Jfdf\">pic.twitter.com\/xAr8T0Jfdf<\/a><\/p>\n<p>\u2014 Elon Musk (@elonmusk) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/elonmusk\/status\/1444840184500129797?ref_src=twsrc%5Etfw\">October 4, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The jump also took cues from reports of whale buying activity in the Shiba Inu market. For the uninitiated, Yahoo Finance <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/finance.yahoo.com\/news\/shiba-inu-jumps-55-exchange-113026888.html\">highlighted<\/a> in his Oct. 5 report that an unknown entity purchased 6.2 trillion SHIB for circa $44 million in late September.<\/p>\n<p><strong><em>Related:\u00a0Shiba Inu rebounds 40% despite major selling by SHIB whales<\/em><\/strong><\/p>\n<p>Meanwhile, Shiba Inu&#8217;s namesake decentralized exchange ShibaSwap detected a surge in the amount held by its liquidity pools. As of Monday, the total value locked inside the ShibaSwap contracts was $411.42 million versus $253.41 million at the beginning of this month, as per <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/defillama.com\/protocol\/shibaswap\/all\/USD\">data provided by DeFi Llama<\/a>.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/0a33cb4d-b298-4edb-971e-755675c64b54.png\"><figcaption style=\"text-align: center;\"><em>ShibaSwap TVL as of Oct 18, 2021. Source: Defi Llama<\/em><\/figcaption><\/figure>\n<p>At its prime, in July 2021, ShibaSwap was managing $1.76 billion worth of funds via its liquidity pool.<\/p>\n<p>Ishan Arora,\u00a0a hedge fund manager associated with Tykhe Block Ventures, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/finance.yahoo.com\/news\/shiba-inu-jumps-55-exchange-113026888.html\">told Yahoo Finance<\/a> that Shiba Inu emerged as a product of an ongoing craze for meme cryptocurrencies, adding that most people buy these tokens by merely following some influencers&#8217; advice.<\/p>\n<p>Arora warned investors about the risks of putting money into such one-hit wonders, but mentioned Dogecoin for its ability to return incredible profits earlier this year.<\/p>\n<blockquote><p>&#8220;Early Doge investors last year did quite well, so it is not as black and white as most want it to be.\u201d<\/p><\/blockquote>\n<p>Meanwhile, crypto data tracking service Santiment detected an increase in Shiba Inu whale transactions over $100,000 in the past 24 hours, noting that their occurrence is typically bullish for SHIB.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/372219f7-da36-4b17-b3eb-9be5c5798157.jpeg\"><figcaption style=\"text-align: center;\"><em>Shiba Inu whale transactions exceeding $100K. Source: Santiment<\/em><\/figcaption><\/figure>\n<p>&#8220;When these transactions come in bunches, price rises <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly follow,&#8221; the platform <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/santimentfeed\/status\/1449989779894910979\">wrote in a tweet<\/a> published Monday.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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In detail, SHIB rose&#8230;<\/p>\n","protected":false},"author":1,"featured_media":354456,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvOGJhNWIzNjktMDAwNS00MDk3LWI2NzEtNDI2MmU4OWEwNWRiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,79806,82962,74863,86883,74939,75679,78261,91457,39394,73785,36402],"class_list":["post-354455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-analysis","tag-coinmarketcap","tag-cryptocurrencies","tag-dogecoin","tag-market-analysis","tag-market-capitalization","tag-tech-analysis","tag-tesla-motors","tag-elon-musk","tag-markets","tag-tesla"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/354455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=354455"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/354455\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/354456"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=354455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=354455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=354455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}