The asset Shiba Inu (SHIB) has been in the doghouse for some time now. At the time of writing, the token was trading in the $0.00000980-$0.00001190 range. Yet it might not be cooped up for much longer as the price appears to be trying to break free from its bullish pattern. Models are predicting a booming bark for this cult-favorite cryptocurrency.
It would be a welcome event to see crypto go from a bear to a bull market. 2022 has been a wild ride for this already volatile industry. The collapse of TerraUSD and Luna in May set off a horrific domino effect that ended with nothing less than a meltdown of digital assets. The catastrophic crash wiped out nearly $1 trillion worth of cryptocurrency in just a month.
The SHIB price has been in a downward spiral since August 14, when the token hit a high of $0.00001800. On October 14, that number had dropped to $0.00000924. After hitting this low, SHIB bounced, a sign of pressure to buy. It is not unusual to see purchases during a slump due to the technique of buying low and selling high.
Even with the bounce, prices stayed at the lower end of the $0.00000980-$0.00001190 scale. Experts have deemed the likely scenario is a gradual move to the higher point of this range. Overall, the SHIB trading activity can be graphed as a descending wedge. These fall under bull patterns and the usual result is a price breakout. In SHIB’s case, that means a swing closer to the $0.00001190 point.
Power players in the crypto space are paying close attention to this reversal in trends. After all, a bullish pattern is an indicator that investors could profit from any upward movement. As SHIB began to move in the right direction, 256 billion tokens were purchased. The burn rate has spiked by 600% as 130 million units have gone to “dead” wallets. Large quantity investors known as whales took advantage of the drop by purchasing $2.71 million worth of SHIB in just 24 hours, and they are ready to see significant returns on this investment.
