Shiba Inu Price Soars 3% with Technical Breakout Ahead

On Monday, one of the leading memecoin, Shiba Inu (SHIB), price spiked by over 3% after witnessing a bullish momentum in the major cryptocurrencies like Bitcoin. 

According to CoinMarketCap, Shiba Inu (SHIB) is trading at around $0.000006053 and holding an impressive market capitalization of $3.56 billion. Amid the surge in cryptocurrency, the 24-hour trading volume also bounced by 99%. 

Shiba Inu Surges with Bullish Technical Setup 

The secret spell behind the surge in Shiba Inu price comes from various macroeconomic factors and geopolitical events. 

It’s been more than two weeks since the rise in global tension. Geopolitical worries had been relying on markets for weeks, with fears of an expanding Middle East conflict disrupting oil supplies and raising energy crisis. 

But after U.S. President Donald Trump’s statements, these tensions are likely to be eased quickly. United States President Donald Trump announced that he is pausing any planned strikes on Iranian energy infrastructure for 5 days after what he said were very good and productive talks with Tehran. This is a clear sign of de-escalation in the ongoing Iran-related tensions that provided relief across financial markets. 

Amid this positive development, many investors are likely to pour money into riskier assets like cryptocurrencies instead of safe havens such as the US dollar or government bonds. Bitcoin quickly soared above $71,000, which helped it to lift the entire crypto sector in a relief rally. 

Shiba Inu also gained some momentum more than the average token as optimism returns. Binance traders also turned more bullish with long and short ratios after hitting multi-week highs. 

(Source: Tradingview)

However, there is a major aspect for technical traders as a textbook setup for a larger surge ahead. According to the technical analyst, SHIB is finalizing its accumulation structure at the apex of a triangle supported by the 100-day moving average line. 

Apart from this, maintaining price stability over the last week shows relief from selling pressure. This has set the stage for an impulsive breakout. A candle close above the triangle’s upper edge might lead the cryptocurrency toward a high-risk reward, which might open a door for major upward movement as fresh capital enters.

In simple words, SHIB has spent weeks establishing a strong base of buyers at the tip of a triangle pattern on its price chart. This triangle formation is formed when a cryptocurrency is preparing for a major spike. 

The 100-day moving average, which shows the average price over the next 100 days, is working as a solid support level holding the price steady. 

There is a fact that SHIB did not drop sharply last week. This shows that sellers are finally losing momentum. If the next strong upward candle takes place, it will soar above the triangle’s top line. Many analysts believe fresh money will enter the crypto market, which might also create a strong upward trend. 

There is a combination of factors behind these price movements on Shiba Inu (SHIB). Apart from this, whales are aggressively accumulating hundreds of billions of SHIB tokens off exchanges. These accumulations have created scarcity in the circulating supply, which has boosted price momentum. 

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