Bullish Outlook: Shiba Inu (SHIB) Coin Could See Substantial Gains, Expert Believes

Bullish Outlook: Shiba Inu (SHIB) Coin Could See Substantial Gains, Expert Believes

Trader Captain Faibik foresees a major rally for the whimsical Shiba Inu (SHIB) meme coin. Captain Faibik, a prominent figure in the trading community, recently shared insights suggesting that SHIB could be gearing up for substantial gains. His analysis points to an ascending triangle pattern, a bullish formation characterized by higher lows. 

Current Market Status

As of now, SHIB is trading at $0.0000305, marking a modest 24-hour increase of 1.3%. It currently holds the 13th position by market capitalization, with a total value of $17.9 billion, lagging behind its meme coin counterpart Dogecoin, which sits at 9th place. The coin’s 24-hour trading volume stands at $651 million.

Related article: SHIB’s Upward Momentum: Expert Analysis and Forecast for Shiba Inu’s Price

Moreover, data from IntoTheBlock indicates that a significant portion of addresses are holding SHIB at prices ranging from $0.000026 to $0.000035. Notably, 44.83% of these addresses are currently profitable. 

Related article: Riding the Wave: Bullish Signals Propel SHIB Towards New Highs

Transaction Volume and Historical Performance

Over the past 24 hours, traders recorded a substantial transaction volume of 5.6 trillion SHIB tokens. Despite this recent activity, it’s essential to note that SHIB is still down more than 64% from its all-time high.

However, with technical indicators suggesting a bullish trend and a considerable investor interest, SHIB appears to be positioned for a notable price surge. Investors will likely monitor its performance closely in the coming days.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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