Shiba Inu evades the cross of death – gray to form a rising banner?

  • Shiba Inu second layer solution Cheparium beta I launched the testnet “puppynet”.
  • Following Bitcoin’s rally, SHIB stock is up 3.3% in the past 24 hours.
  • Shibarium’s Bone ShibaSwap (BONE) has reclaimed the crucial resistance at $1.50.

The famous dog symbol Shiba Inu (sheep) I managed to escape from the gloomy formation Death cross, which usually indicates that the bears are trying to take control of the cryptocurrency for the long term. This formation occurs when the short-term moving average (MA) crosses below and opposes the long-term average golden cross.

The latter occurs when the short-term average price moves upward from the long-term price. Although it is usually considered a clear bullish sign, there have been occasions when golden cross It could not withstand a breakout impulse, only to reverse to the previous price range.

Can a Shiba Inu survive in bull lane?

The recent rally in the cryptocurrency market paints a brighter picture of the leading asset Bitcoin (BTC), and the largest of the altcoins. As sequels last week Bull trap Fade away, the Shiba Inu are looking to establish a continuation pattern after the consolidation period.

A bullish flag pattern uses two converging lines for consolidation before go ahead. Technically, if the crypto candlesticks form a bullish flag with sufficient Relative Strength Index (RSI), other technical signals should also be considered before making a decision.

A bullish pennant should not be confused with a bullish divergence, which indicates the possibility of a breakout after the bears take control of the charts. In fact, a bullish divergence occurs when the price drops to a new low while the oscillator gradually forms lower lows.

Bullish momentum detects SHIB & BONE

Additionally, Shiba Inu data metrics indicate bullish momentum with a greater concentration of whales. While Ethereum & BSC Whales have been actively bundling SHIB since the launch of the Shibarium Beta, about 33% of all canine token holders are now in the moneyAnd according to the IntoTheBlock Data encryption tool.

This is an increase of 11.92% since last week, largely driven by the fact that SHIB managed to retake the next immediate resistance line on the macro scale at $0.000011. At the time of publication, it ranks #14 as memecoin Turns hands at $0.00001119, with a gain of 3.3% in the last 24 hours.

On the other hand, Shiparium Gas fee symbol Bone ShibaSwap (BONE) is also down 3.6% in the green, but has yet to recover from last week’s decline from key support levels hovering around $2. At the time of publication, the shiba inu ranked No. 123 is BONE It is trading at $1.53after losing 11.1% of its value in the past seven days, according to Queen Gekko.

on the flip side

  • in the recent price movement Pattern study By Cody Hind, the bullish pennant has been considered the least reliable price action pattern with a success rate of just 54.87% across 200,000 trading platforms.

Why should you bother

The Shiba Inu ecosystem is set to become a self-sustaining blockchain via Layer-2 Shibarium.

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