Shiba Inus Parabolic Phase on the Horizon Thanks to History Repeating Itself
Shiba Inu (SHIB) might be gearing up for the psychological threshold of $0.0001 if the meme coin follows a historical trajectory.
Having already experienced the first rally and a cool-off, Shiba Inu is ready for a parabolic phase that will see the eleventh-largest cryptocurrency super charged, according to Solberg data.
SHIB experienced a parabolic phase back in 2022, and if history is to repeat itself, this uptrend has started to kick off since the meme coin has already increased 38.3% in the past two weeks, thanks to the bullish rally in the entire crypto market.
According to CoinGecko data, Shiba Inu hovered around $0.000025, and a golden cross was already in place.
Even though SHIB is experiencing a pullback from the $0.00003 zone despite making the golden cross, a bullish picture continues to be painted in the Shiba Inu ecosystem.
The golden cross is a bullish pattern because it shows a change of tune from a downtrend to an uptrend. A short-term moving average (MA), like the 50-day MA, overpasses a long-term one, such as the 200-day MA.
The retracement being experienced might be defying the golden cross based on the high speculation engulfing the SHIB market.
Nevertheless, whales are on a buying spree after a new SHIB whale recently amassed 4 trillion Shiba Inu, which is bullish as this reduces selling pressure.
Additionally, whales have been causing the SHIB burn rate to go through the roof after recently hitting 1,837%. With Shiba Inus scarcity skyrocketing, time will tell whether the meme coin is on its way to the highly-anticipated $0.0001 price point.
Read more: https://zycrypto.com/shiba-inus-parabolic-phase-on-the-horizon-thanks-to-history-repeating-itself/
Text source: ZyCrypto
