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Assessing if SHIB can reach $0.000017 – THIS pattern suggests…
The Shiba Inu (SHIB) cryptocurrency has recently caught the attention of many in the crypto space, as it has been experiencing a notable price surge. As the asset continues to move upwards, many are left wondering whether it is possible for SHIB to reach $0.000017. According to recent data and technical analysis, this scenario is not entirely out of the question.
One of the primary factors that could contribute to this potential rally is the emergence of a bullish inverted head and shoulders pattern. This trend has been seen in many previous instances of market growth and can indicate a significant increase in value.
Recent data shows that SHIB has broken through a crucial resistance level, which has led to an impressive 10% rise over the past 24 hours. It is also worth noting that this movement has been accompanied by a substantial increase in trading volume, with a boost of 45% compared to previous periods.
Furthermore, if the weighted sentiment continues to improve, it could contribute to further price growth for SHIB. The weighted sentiment indicator from Santiment shows that traders and investors have shifted their views from negative to positive over recent days. This data provides a compelling argument in favor of an upward move.
Moreover, intraday traders are currently heavily betting on the long side, which suggests that bulls have taken control of the market at this time. Data provided by Coinglass reveals that there is $1.63 million worth of long positions and only $430K worth of short positions.
Source: https://ambcrypto.com/assessing-if-shib-can-reach-0-000017-this-pattern-suggests
