Shiba Inu set to continue on its bullish trajectory as the market confirms the second half of its cup and handle pattern.
- Why there’s more to the Shiba Inu weekend recovery rally than meets the eye. SHIB whales accumulate as cup and handle pattern continues to play out.
Shiba Inu [SHIB] confirmed renewed interest during this past weekend, after previously embarking on a sharp selloff at the start of October.
Could this be a sign that the popular memecoin will continue building on the bullish momentum that manifested in September?
SHIB had recovered to a $0.000018 press time price courtesy of renewed demand during the weekend.
The bounce back kicked off after price retested the 0.5 and 0.618 Fibonacci levels from September lows to September highs.
The price also seems to be moving within a cup and handle pattern which has been forming since May. Why is this important?
Well, August and September demonstrated signs of a potential bottom range of the pattern. This also means that Shiba Inu should technically be on a bullish trend for more than a month.
Its performance in September coupled with the signs of renewed interest signal that the cup and handle pattern is still in play and that SHIB may continue extending the gap with its August/September bottom range.
Based on the assessment, Shiba Inu may still another 48% plus potential gain in the next few months, to complete the pattern. This means SHIB may rally as high as $0.000027 if things play out as expected.
Shiba Inu whales contribute to the bullish momentum
SHIB resumed the bullish momentum with significant intensity during the weekend, thanks to whale activity. On-chain data revealed that large holder inflows peaked at 3.12 trillion SHIB on the 2nd of October.
Large holder outflows peaked at 2.65 trillion SHIB on the same day, confirming higher demand than sell pressure.
Large holders had 172.72 billion SHIB flowing in their addresses in the last 24 hours. The same category of holders had 363.42 billion SHIB flowing out of their addresses.
This was almost half of the inflows, meaning there was higher demand than sell pressure.
Shiba Inu’s long-term outlook also remains bullish, and for good reason. The cryptocurrency now has over 1.07 million HODLers. This figure has been steadily growing aggressively in the last three years.
The number of Cruisers or swing traders have been declining in the last three months, and the same applies for the last three years. This confirms a growing focus from short-term to long term investment in the memecoin.
Shiba Inu may therefore continue to experience strong recovery both in the short and long term if this trend continues playing out.
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