Shiba Inu has been the talk of the town since this morning after a major industry figure complimented him.
Is this the start of a bull run ?
Bullish signs multiply for Shiba Inu
After its trend reversal, Shiba Inu (SHIB) has finally bounced back. Boosted by the general rise in the market as well as the success of meme coins, it has risen by over 20% in one week, making it one of the winningest chips of recent days.
But things are far from over yet. The SHIB has finally regained the $0.00003 threshold required for a new high. At the time of writing, it has yet to make a support, but the experts are eminently enthusiastic.
Indeed, bullish signs are not lacking in the Shiba Inu price. In particular, its recent rise has been triggered by the opening of new services for it on platforms such as Binance, as well as by a new listing from BONE. The same corner also saw a $219 million inflow from the whales last night !
As for his trading volumes, they too have soared by 43% since yesterday. This phenomenon is perhaps due to Vitalik Buterin himself, who complimented Shiba Inu on his latest performance.
Perhaps the best is yet to come
This renewed interest seems to promise a rise in the price of SHIB to $0.000035 at first, a threshold which will then enable it to move above $0.00004. To do so, however, it will have to break through a major Fibonacci resistance at $0.000037, which will be no easy task.
While the meme coin is only halfway through the 800% bull market forecast, Shiba Inu still has plenty of momentum potential. The latter seems to be following an Elliott wave pattern and is only on its fourth wave of impulse. The last one to come could push it to $0.0001, but only by the end of the year.
Moral of the story: the most pleasant and useful fruit for Shiba Inu is gratitude.
David Crypto
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