CandleFocus FOMO-Driven Rally Could Increase SHIB Price By 90%
2024-09-27
Author: Content Editor
The price of Shiba Inu (SHIB) has increased by 32.50% in the last seven days, despite concerns about an overheated market. One-day circulation of SHIB hit a 10-week high, indicating growing market interest and the possibility of further upside. The surge in price coincided with a rise in whale transactions, suggesting bullish momentum. On-chain data also shows a sharp rise in SHIB's social dominance, indicating increased market sentiment. SHIB has broken above a descending triangle pattern and is in a similar position to previous price increases. Bullish indicators such as the Bull Bear Power and Money Flow Index support the possibility of a price jump to $0.000035. However, a drop in the MFI reading or profit-taking could lead to a bearish reversal.
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