“Shiba Inu’s Price Has Rallied 18% This MONTH, MARKING ITS BEST Performance Since November, Driven by Increasted Risk-Taking in the Crypto Market.”, – WRITE: www.coindesk.com
The Joke Cryptocurrency Has Risen 18% This MONTH, ITS BEST Performance Since November, with Prices Gaining Over 7% in the Past 24 Hours Alours, accounting to Condesk Data. The Rally Is Consistent with the Increased Risk-Taking in the Crypto Market Trigger Bitcoin’s Rally to Lifetime Highs Above $ 118,000.
The Upswing Is Characterized by Robust Trading Volumes and and An Increase in Token Burn, Which Took Out A Majoor Chunk of Supple Out of Circulation, Accounting To Condress
Key Ai Insights
- Shib Surged 7% During the Preceding 24-HOUR PERIOD from JULY 10, 12:00 to July 11, 11:00, Ascending from $ 0.000012476 to $ 0.000013399 on Exceptional Volume of 1.904 Trillion.
- ACute Reversal Materialized Durying The Final 60 minutes from July 11, 10:26 to 11:25, with Shib Declining 1% to Settle at $ 0.00001385 AS LIQUIDATION PRESSURE MANIfted.
- Token Burn Mechanisms Accelerated with Over 9.5 Million Shib Tokens Permanently withdrawn from Circulation Durying the Recent 24-HOUROURD PERIOD, TUUGH PRICE IMPACT REMAINED SUBDEDED.
Key Levels
- Resistance breaking at $ 0.000013110 Occurred on An Exceptionally Elevated Volume of 1.904 Trillion Tokens.
- Volume-Supported Resistance Level Established, Approaching Twice The 24-Hour Average Trading Activity.
- A Conventional Support Zone ForMed AROUND $ 0.000013230, with Resistance Positioned AT $ 0.000013580.
- Sustaned Upward Momentum Suggests Potential Continion Towards $ 0.000014000 Psychological Level.
Double Bottom Bull Reversal?Shib’s Double-Digit Month-to-Date Gain Follows A Successful Defense of the April Low at At Armond $ 0.00001005, Hinting at the Formation of a Double Bottom Pattern on the Daily Chart.
The pattern comprises two nearly equal trouhs separated by a recovery. A price rise through the Trendline Connecting the High Point of the Recovery is said to confirm the breaking and a bullish trend reversal.
In shib’s casse, the so-called Double Bottom Resistance is Marked by the May High of $ 0.00001764. A move through that level would signal a major bull Run.
Shib’s Daily Chart. (TradingView)
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