The Shiba Inu (SHIB) price has been on a tear since June 10, reclaiming a horizontal and diagonal long-term support level in the process.
The readings from both the weekly and daily timeframes support the continuing increase, suggesting that the trend is bullish.
Shiba Inu Price Reclaims Lost Long-Term Level
The technical analysis from the weekly timeframe provides a bullish outlook. It shows that the SHIB price has been moving upwards since June 10, shortly after it broke down from a long-term symmetrical triangle pattern.
It bounced at the $0.0000060 support area at the time and created a long lower wick (green icon). This level has not been reached since the end of 2021.
After bouncing, the price reclaimed both the $0.0000080 horizontal area and the triangle’s support line (green circle). Both these are considered signs that bulls have taken over and a bullish reversal has begun. At its highest point last week, the price had increased by 25% since the beginning of the week.
Before the increase, Shiba Inu whales had acquired 1.1 trillion SHIB tokens.
Go to Source to See Full Article
Author: Valdrin Tahiri
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
