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HomeCrypto NewsShiba Inu up Over 11% As It Confirms Bullish Pennant

Shiba Inu up Over 11% As It Confirms Bullish Pennant


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Ali Martinez believes it could run up to $0.00017.

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Shiba Inu is up 11.75% at the time of writing, trading at the $0.00001387 price point. It is the highest gainer among the top 50 crypto assets by market cap in the last 24 hours.

The latest rally follows a bullish price chart pattern observed on its daily chart by seasoned crypto analyst Ali Martinez reported by The Crypto Basic yesterday. In a tweet today, the analyst asserted that the price had confirmed the pattern. 

Recall that Martinez sets the target of the bull pennant at $0.000017. Notably, the fulfillment of the pattern was conditioned on the asset holding above $0.000011.

It is worth noting that the price had already pushed as high as the $0.00001468 price point before paring gains to trade at current prices, with the initial push representing a 15.5% surge.

TradingView Screenshot 1675494935680
SHIB Daily Price Chart

Unsurprisingly, the latest price rally has not gone unnoticed by crypto Twitter. “$SHIB” is trending on the microblogging social media platform with over 45.8k tweets.

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Shiba Inu community influencer Lucie, commenting on the price pump, asserted that someone had invested heavily in the doggy-themed meme coin’s ecosystem.

In the last two days, it bears mentioning that SHIB has traded counter to the trend, posting gains, while other major crypto assets witnessed price corrections. It comes in the wake of increasing SHIB adoption.

As reported on Thursday, Canadian-based blockchain payments company FCF Pay disclosed that SHIB payments using its debit card had tapped a new all-time high. 

Meanwhile, at the same time, the Shiba Inu community is anticipating the launch of Shibarium, an Ethereum Layer 2 protocol for the Shiba Inu ecosystem. After several cryptic messages hinting at an imminent launch of the beta version of the protocol, the Unification Foundation finally revealed the reason behind delays disclosing that developers were carrying out tests on the oracle.

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Okoya David
Okoya David
Okoya David Kio is a crypto enthusiast passionate about understanding what makes the nascent market tick. When he's not pondering about cryptocurrencies, you might find him in a BP debate room trying to proffer solutions to age-old societal problems.

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