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$5.8B Bitcoin and $1.9B Ethereum Options Expire as Analysts Predict Q4 Price Gains

Albert Brown
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Bitcoin and Ethereum options data show rising confidence as analysts predict price surges in Q4.

Greeks.Live has recently shared the latest Bitcoin and Ethereum options data, which coincides with increasing confidence in the crypto market. Released on September 27 and shared by the Chinese reporter Colin Wu, the data shows a significant number of expiring options, aligning with the recent market rally.

Bitcoin options are expiring with a notable Put Call Ratio of 0.64, a Max Pain point of $59,000, and a total notional value of $5.8 billion. 

Meanwhile, Ethereum options are expiring with a Put Call Ratio of 0.47, a Max Pain point of $2,500, and a notional value of $1.9 billion. The data arrives as the third quarter ends, and the crypto market has experienced strong momentum, particularly influenced by the Federal Reserve’s recent 50 basis points rate cut.

Options Expiry and Market Impact

Today marks the third quarter delivery day, which has traditionally sparked significant market activity. The combination of expiring options, shifting positions, and margin releases indicates that all major term implied volatility (IV) levels remain low. As the quarter wraps up, downward pressure on IV persists, suggesting that the market is primed to position for the fourth quarter. 

Greeks.Live also noted that this period brings substantial trading opportunities, given the historical tendency for positive performance in the fourth quarter. 

Bullish Scenarios Starting Q4

Also note that analysts expect further price increases in the coming months. Forecasts from prominent market observers, including PlanB, the creator of the Bitcoin stock-to-flow (S2F) model, indicate a potentially dramatic price surge for Bitcoin starting in October.

Key events such as the U.S. election anticipated ETF inflows, and potential regulatory shifts could drive substantial market movement. Predictions outline a sequence of events, with October labeled as a classic pump month, projecting Bitcoin prices to reach $70,000. Further gains are expected through the end of the year, driven by market sentiment, political developments, and institutional inflows.

Expert Names XRP and 9 Other Altcoins That Are Doomed to Never Grow

Mark Brennan
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Expert Names XRP and 9 Other Altcoins That Are Doomed to Never Grow

Crypto analyst Atlas has pointed to ten altcoins that have been redundant and are expected to lag in the coming bull run.

During a bull cycle, literally every coin in the crypto market increases in price. Notably, cryptocurrencies grow in different proportions, with some outperforming others on the premise of trending narratives, adoption, and utility.

However, some crypto assets have been redundant, providing little or no profit for investors. Market speculator Atlas has listed ten coins that have underperformed recently and should be avoided during this bull cycle.

He divided these assets into three categories: those with outdated technologies, irrelevant narratives, and artificial tokens with controlled supply.

Atlas’ Top Five List of Tokens Doomed to Underperform

In a long X thread, the market speculator mentioned ten crypto assets he sees never providing substantial returns for investors, with some heavyweights in the mix.

 

Atlas’s list includes the seventh largest crypto asset by market cap, XRP. The analyst noted that if an investor bought the token with $1,000 in September 2018, he would still have the same amount six years later.

The XRPL native token has been relatively unrewarding for investors. Its years-long battle with the US Securities and Exchange Commission has stunted its growth, ensuring it almost missed the 2021 bull cycle. Although XRP has gained bullish sentiments following the victory over the US regulator, Atlas alleged it is doomed to remain redundant.

Furthermore, Atlas mentioned another crypto heavyweight, Cardano (ADA). Termed the “Ethereum Killer,” the Cardano network gained instant traction upon launch in 2017. Its founder, Charles Hoskinson, who co-founded Ethereum, aimed to build on Ethereum’s setbacks in scalability, efficiency, and interoperability.

However, its native token, ADA, has failed to impress recently despite occupying the tenth position in the market cap ranking. According to Atlas, the Cardano technology is outdated; hence, it is bound to remain stunted due to lowering attraction. The analyst stated this claim despite the recent Chang upgrade that introduced the Cardano network to a community-driven, fully decentralized government.

Third on Atlas’ list is Polkadot’s DOT. Considered one of the most decentralized blockchains in the sector, Polkadot gained substantial attraction and utility during the 2020-2021 bull cycle, pushing its price to an all-time high of $55.

However, DOT has gone southways since then, falling over 90% from its ATH to $4.89. Atlas noted that Polkadot’s problem is similar to Cardano’s, as its technology has lost bullish narratives.

Meanwhile, the analyst included Ethereum’s hardfork, Ethereum Classic (ETC), on the list. He noted that the project lacks prospects as it has failed to distinguish itself from Ethereum. He further cited an overreliance of ETC developers on the Ethereum network despite breaking away from it.

The analyst also mentioned the popular play-to-earn game Sandbox. SAND surged 14,000% after gaining traction in 2021 but has trended downwards since then. At the current market price, an investor who bought SAND in September 2021 will have a 52% portfolio loss.

The Other Five Tokens Doomed to Never Grow

Atlas mentioned the other five fairly popular altcoins doomed never to grow. The analyst mentioned Monero’s XMR, noting that its popularity, gained through its high standard of anonymity and privacy, has faded.

Starknet’s STRK also made the list. Atlas stated that the tokenomics of the Ethereum layer 2 network meant it was doomed to fail. He noted that STRK’s high, fully diluted valuation (FDV) and low market value meant the asset would always struggle due to token unlocks.

Atlas also mentioned Litecoin (LTC), EOS Network (EOS), and GMT. He noted that these tokens’ technologies and market advantages during their debut have lost traction and are now almost irrelevant.

Binance Founder CZ to Be Released Today, Two Days Ahead of Scheduled Date

Lele Jima
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Binance Founder CZ to Be Released Today, Two Days Ahead of Scheduled Date

Changpeng Zhao (CZ), the founder and former CEO of Binance, is set to be released today, two days ahead of his scheduled release date. 

According to a Fortune report, the popular philanthropist and crypto executive will be released from federal custody today, marking the end of his four-month incarceration. His release was initially scheduled for September 29, 2024. However, since the scheduled release date falls on a weekend, he will be freed from custody today, Friday. 

Fortune explained that inmates usually leave custody early, specifically on Fridays, if their release date falls on a weekend. Notably, CZ’s case will not be any different, as he is expected to be released today, September 27. 

The Binance founder has been in federal custody since April 2024, serving a four-month sentence for failing to provide the necessary anti-money laundering control measures at the world’s largest exchange. 

Notably, CZ spent two months at a minimum-security prison in the California desert. Afterward, he was transferred to a halfway house in Long Beach, California, with better conditions, like supervised excursions. 

CZ Next Move  

With his release set for today, the Binance founder will likely spend more time with his family in Dubai or Paris. It bears mentioning that CZ’s family members were instrumental in convincing the judge to issue a lenient four-month prison sentence. 

As reported earlier, his lawyers submitted letters from 160 people, including his family, testifying to his character and seeking leniency. This prompted the judge to drastically reduce the DOJ’s request for a 36-month prison sentence to just four months. 

The Binance founder could also focus on his philanthropic gesture, which the judge acknowledged during his sentencing. At the time, CZ revealed that the next chapter of his life will focus on creating opportunities for youths at zero cost. 

He referenced his Giggle Academy project as one way he intends to achieve this goal. This project aims to provide fun and exciting learning tools for kids globally. However, other than a website with multiple job postings, the project has not seen much progress since its launch. 

CZ Could Still Influence Binance Decision 

Although CZ was mandated to quit his CEO position at Binance as part of his plea agreement, the Binance founder could still influence the exchange’s decision. 

He remains Binance’s largest shareholder, giving him considerable influence in determining the exchange’s future. Notably, Binance also looks forward to CZ’s next moves. The exchange claims it has made massive progress under its current leadership, surpassing 229 million global users. 

Will Worldcoin Breakout Rally Reclaim $3 Amid ₩1.1 Billion Fine?

Albert Brown
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Will Worldcoin Breakout Rally Reclaim $3 Amid ₩1.1 Billion Fine?

Is a falling wedge breakout rally in Worldcoin poised to reclaim the $3 mark amidst a broader market recovery?

With a 7-day growth of 26.11%, Worldcoin is making a notable return to the crypto landscape. Currently trading at $2.11, it has reclaimed a market cap of $1 billion.

Despite recently facing fines in South Korea, Worldcoin’s bull run appears to be gearing up for a new breakout. Will this rally push the price to $3?

Worldcoin Breakout Run

The price action of Worldcoin indicates a significant change in underlying dynamics, marked by a rounding-bottom reversal that has led to a trend reversal rally. A falling wedge pattern on the daily chart suggests a bullish reversal from the $1.33 support level, culminating in this breakout rally.

Worldcoin Price Chart
Worldcoin Price Chart

Additionally, the WLD price action shows a double-bottom reversal that has surpassed the neckline at $1.92. With a massive bullish engulfing candle of 16.41% on September 25, the Worldcoin reclaimed the $2 psychological mark.

This recovery includes a price jump from $1.92 and is currently testing the 100-day EMA. The critical daily EMAs—50, 100, and 200-day—are declining as Worldcoin surpasses the 50-day EMA.

Worldcoin Fined For $830,000

The bullish recovery for Worldcoin continues despite the recent fine of 1.1 billion Korean won worth $830K. The South Korean Personal Information Protection Commission penalized Worldcoin and its sister company, Tools for Humanity, for misusing personal data and scanned IRS data. 

The $830,000 fine comprises $544,000 for handling sensitive personal data and transferring them to a foreign country. Additionally, $285,133 as a penalty comes to its sister organization, Tools for Humanity. This comes as the failure to oblige data transfer regulations to outside countries. 

Will Worldcoin Price Hit $3?

The sudden imposition of the fine led to a minor correction of 3.39% yesterday as Worldcoin pulled back from the 100-day EMA. However, it has rebounded with an intraday gain of 3.74% from the opening price of $2.03, indicating a potential continuation of the bullish trend.

Based on current price action, the upcoming resistance levels for this bull run are likely at $2.36 and $2.95. Conversely, support levels for the WLD token stand at $1.92 and $1.75.

Grayscale Unveils Top 20 Crypto List with High Potential, Leaving Out XRP

Albert Brown
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Grayscale Unveils Top 20 Crypto List with High Potential, Leaving Out XRP

Grayscale’s Top 20 list for assets with growth potential for the last quarter excludes XRP while highlighting Bitcoin, Ethereum, and Solana.

Grayscale Research recently released its Top 20 list of digital assets for Q4 2024, emphasizing assets with significant potential based on emerging market themes, upcoming catalysts, and fundamental developments. Notably, the list excludes XRP, despite Grayscale having relaunched its XRP Trust.

Bitcoin and Ethereum Lead 

According to the announcement, Bitcoin continues to dominate in 2024, outperforming other segments within the Currencies Crypto Sector. Grayscale attributes this success to the launch of spot Bitcoin exchange-traded products (ETPs) in the U.S. and a favorable macroeconomic environment.

Ethereum remains strong within the Crypto Sector of Smart Contract Platforms. Its strengths—high decentralization, economic security, and robust developer activity—help maintain its competitive edge despite challenges from alternative platforms like Solana, Toncoin, and Sui.

Solana has emerged as a significant competitor within the smart contract sector, leveraging lower fees and a user-friendly experience to capture market share. The increasing traction of alternative smart contract platforms indicates a growing diversification within the sector, which poses challenges to Ethereum’s leadership.

Nevertheless, Ethereum still leads in total value locked in smart contracts and continues to attract considerable developer and institutional interest.

New Market Themes

Grayscale’s Top 20 list has expanded to include several assets reflecting the latest trends in the digital asset space. Sui, a Layer 1 blockchain developed by former Meta engineers, has gained attention following a recent network upgrade that improved transaction speeds.

Bittensor, a decentralized AI platform, also made the list due to enhanced market liquidity and increased pricing sources. Optimism, an Ethereum scaling solution, and Celo, a mobile-first blockchain transitioning to an Ethereum Layer 2 network, highlight the growing focus on infrastructure and scalability.

Notably, Helium’s inclusion underscores market interest in decentralized physical infrastructure networks (DePIN). Helium has expanded its decentralized wireless network to over one million hotspots. The UMA Protocol also joins the Grayscale Top 20, reflecting interest in blockchain-based prediction markets and decentralized oracles.

XRP Not in Grayscale’s Top 20 

Grayscale’s decision to exclude XRP from its Top 20 list stands out, particularly given the recent relaunch of its XRP Trust for accredited investors. 

The XRP Trust has shown strong performance since its relaunch, with a net asset value (NAV) increase of 14.35% since launch, per data dated September 20. Despite this positive performance, Grayscale does not rank XRP among the top assets it believes have significant prospects for Q4 2024.

Top Platform Predicts XRP Will Skyrocket to $1,000

Abdulkarim Abdulwahab
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Top Platform Predicts XRP Will Skyrocket to $1,000

Linqto, a well-known firm that allows investment in companies pre-IPO, has sparked a conversation about XRP potentially reaching the lofty price of $1,000.

In a post on X today, Linqto polled XRP proponents on how they would react if XRP skyrocketed to $1,000. The post aims to gauge popular opinions among XRP enthusiasts regarding their potential responses to such a price surge and how they might choose to spend their newfound wealth.

“Cry Happy Tears”

Linqto’s inquiry attracted significant attention from members of the crypto community, with many suggesting various ways they would respond to the dream of a $1,000 XRP. Commenter Mighty Mike stated he would first “cry happy tears” upon such a realization.

For context, the price of XRP is currently $0.5922, meaning its attainment of $1,000 would represent a growth of 168,761%. In this scenario, a $1,000 XRP portfolio would be worth $1.68 million, creating a life-changing fortune for holders.

Another commenter humorously mentioned he would call an ambulance, saying, “There’s zero chance my heart can handle news this good.” Others suggested they would leverage their newfound wealth to invest in real estate.

However, not all comments have been positive regarding the speculative $1,000 XRP price forecast. Some users expressed skepticism, arguing they would literally do “nothing” because XRP “is not going anywhere.”

This skepticism reflects the broader criticism of XRP as a largely underperforming crypto asset in the current bull market.

XRP Army Wonders Why the $1,000 XRP Tease Keeps Coming

Meanwhile, some commenters are questioning the basis of the $1,000 XRP price forecast, wondering why many prominent entities continue to ask XRP enthusiasts how they would react to this hypothetical scenario.

Indeed, Linqto’s recent inquiry is not the first of its kind in the crypto community. Just two weeks ago, the renowned U.S.-based exchange Uphold sparked a similar discussion by asking, “What’s your next move if XRP just hits $1,000?”

This inquiry from Uphold quickly went viral, reaching nearly 1 million impressions in just a few days. Interestingly, this was not the first time the exchange suggested that XRP could reach $1,000; they have made similar comments repeatedly in the past.

Linqto joining this trend has led crypto enthusiasts to wonder why the teasing of a $1,000 price keeps resurfacing and whether these entities know something significant about XRP’s future.

XRP community reaction
XRP community reaction

Shiba Inu Up 43%, Here’s Why SHIB is Rising According to On-Chain Data

Mark Brennan
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Shiba Inu Up 43%, Here’s Why SHIB is Rising According to On-Chain Data

Shiba Inu has surged over 43% in the past nine days, with a boost in on-chain activities fueling bullish sentiments.

In TheCryptoBasic Shiba Inu News Today, The Shiba Inu price has surged extensively in the past week, leading to a wider market bullish run. For context, SHIB has reached a 10-week high of $0.000019,  pulling off a 21% increase in the past 24 hours.

Also, Shiba Inu has outperformed major meme coins in the past 24 hours and the last seven days. For instance, SHIB has surged 31.2% in the past week, while Dogwifhat, the second-best performer in the top 10 meme coins by market cap, surged 27.4%.

This analysis suggests that Shiba Inu has performed exceptionally compared to meme coins and altcoins. Notably, SHIB’s surging price is not the only parameter experiencing the bullish traction obvious in the Shiba Inu ecosystem; on-chain activities have also seen substantial upticks.

On-chain Activities Spike

SHIB’s bullish pull may have been facilitated by surging on-chain activities in the Shiba Inu ecosystem. According to Santiment data, Shiba Inu is up 43% in nine days. For context, trading volume, amount of SHIB circulation, and whale activities spiked on Sept. 26, fueling the price uptick.

Per Santiment, SHIB trading volume surged to 1.19 billion SHIB on Thursday as traders looked to leverage the growing price and traction on the meme coin. Notably, trading volume for the dog-themed token last reached that height in July.

 

Furthermore, SHIB whale activities also spiked to an over two-month high. On Thursday, about 27 transactions exceeding $1 million were made on the network. These showed a reawakening of Shiba Inu whales amidst surging prices.

Notably, the amount of unique SHIB transferred in the Shiba Inu ecosystem also spiked extensively. About 5.7 trillion SHIB were in circulation yesterday, signaling increased network activities.

It bears mentioning that these increased tractions were products of surging bullish sentiments around the Shiba Inu ecosystem. Notable activities like the integration of liquid staking to the Shibarium network and an uptick in the SHIB burn rate have contributed to the recent bullish outburst.

According to a recent report by The Crypto Basic, Shiba Inu has added $3.3 billion to its market cap in just one day.

Analysis Calls for Caution

The Santiment analysis points to a probable local top amidst surging on-chain activities. It noted that the substantial price uptick may lead to the fear of missing out (FOMO) sentiment among investors.

Notably, such sentiments lead to short-term price corrections as the market looks to shake off greedy traders—the analysis called for a wait for the highly bullish narrative to cool slightly.

Meanwhile, Santiment noted that the next SHIB push will be for the $0.000043 price level, which was last seen in February. This analysis aligns with an earlier report showing that a sustained bullish run will take SHIB to the Fibonacci level at $0.000035.

Shiba Inu Soars, Adding $3.3B to Its Market Cap in Just One Day

Albert Brown
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Shiba Inu Soars, Adding $3.3B to Its Market Cap in Just One Day

Shiba Inu (SHIB) leads the market with a 21% surge, fueled by Shibarium’s growth, rising staking, and an aggressive burning strategy.

Shiba Inu (SHIB) has emerged as the top performer among the leading cryptos, witnessing a 21% price surge in the last 24 hours. According to CoinGecko, SHIB is currently trading at approximately $0.00001912.

This price movement comes amid growing activity within the Shiba Inu ecosystem, highlighting the potential impact of recent developments on its market dynamics.

Rising Market Cap And L2 Surge

SHIB’s market capitalization saw a dramatic rise, adding $3.3 billion in value within a day, positioning it as the second-largest meme coin after Dogecoin (DOGE), which has a market cap approaching $18 billion.

Crypto enthusiasts Santiago R Santos are particularly focused on the source of liquidity driving this surge. Santos has even noted that SHIB’s market cap increase surpasses the combined market values of WIF at $2.1 billion and POPCAT at $1 billion.

Reports indicate that recent developments within Shiba Inu’s layer-2 scaling solution, Shibarium, are contributing to this uptrend. The platform’s Total Value Locked (TVL) rose to $3.64 million. Shibarium’s growing TVL reflects increased staking and liquidity services, signaling a heightened level of user activity.

Further bolstering Shibarium’s ecosystem, 93.7 billion KNINE tokens have been bridged to the network, illustrating rising user confidence. This inflow of tokens highlights a trend of participants actively engaging with Shibarium’s offerings. Notably, this surge in staking momentum has coincided with a significant rise in SHIB’s burn rate, pointing to broader community efforts aimed at supply reduction.

Supply Reduction Efforts 

The SHIB community continues its aggressive burning strategy, which aims to reduce the coin’s vast circulating supply and potentially drive price increases. Recent data reveals that SHIB’s burn rate soared by 33,818.39% in a single day, resulting in the removal of nearly 1.9 billion tokens from circulation. 

These efforts have cumulatively burned over 410 trillion tokens, with approximately 583 trillion remaining. 

Potential For Further Upside? 

Amid these ecosystem developments, market analysts have identified a technical breakout in SHIB’s price action. Analysis suggests that SHIB has broken out of a falling wedge pattern, which often indicates a shift from a downtrend to a potential bullish reversal. 

The breakout sets the stage for further gains, with some projections estimating that SHIB could reach a target price of $0.000081. This pattern began forming after SHIB’s decline from its yearly high in March, creating a setup that now positions the asset for possible upward movement.

FOX Journalist Says SEC Will Likely Appeal Ripple Ruling, US Senate Candidate Reacts

Lele Jima
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FOX Journalist Says SEC Will Likely Appeal Ripple Ruling, US Senate Candidate Reacts

Former SEC lawyer says the regulator will likely appeal Judge Analisa Torres’ July 2023 ruling on Ripple’s programmatic sales of XRP.  

FOX Business journalist Eleanor Terrett made this known yesterday, noting that she was reliably informed by a former SEC lawyer who recently left the commission. 

SEC Thinks Judge Torres Erred 

Judge Torres issued the programmatic sales ruling in July 2023, declaring that the transactions were not investment contracts. Although the SEC had attempted to file an immediate appeal to overturn the decision, the judge ordered that they wait until all issues of the lawsuit are resolved. 

With the case concluded in the district court and the October 7 appeal deadline approaching, a former official of the SEC suggested that the regulator could likely appeal the programmatic sales ruling. 

According to Terrett, the SEC believes the judge was wrong, and the decision does not align with legal standards. Hence, the commission favors an appeal to overturn the decision in the U.S. Court of Appeals for the Second Circuit.

 

US Senate Candidate Says It Makes No Sense to Appeal 

As expected, several legal experts, including Massachusetts Senate Candidate John Deaton, have reacted to the development. 

Attorney Deaton, whose contributions were significant regarding Ripple’s victory on programmatic sales, expressed confidence that the Second Circuit will not overturn the decision. 

According to Deaton, all three factors of the Howey Test, a longstanding security test, must be met for a transaction to constitute an investment contract. However, in the Ripple case, the judge only relied on the test’s third prong to issue her ruling on programmatic sales. For context, the third prong of Howey requires the “expectation of profits based on the efforts of others.” 

Attorney Deaton emphasized that the Second Circuit would not find that Judge Torres erred in applying the third prong to the fact of the case because she cited the 3,800 XRP Holders’ Affidavits, which supports Ripple’s arguments that XRP holders did not expect to make profits based on its efforts. 

Interestingly, Deaton asserted that even though the Second Circuit finds that Judge Torres erred in applying the third prong, the SEC will still lose on the second prong—common enterprise. He argued that the common enterprise factor was the weakest part of the SEC argument; hence, it won’t be satisfied. 

“If that happened, the SEC would lose AGAIN and then have to appeal all over. It makes no sense to appeal this ruling!” Deaton remarked. 

Lawyer Distinguishes Secondary Market Sales From Ripple’s Programmatic Sales 

Meanwhile, famous legal expert Fred Rispoli cleared misconceptions regarding a potential appeal in the Ripple case. He made the clarification after top crypto YouTuber Wendy O speculated that an appeal challenging XRP security status in the secondary market could spell doom for the entire crypto industry. 

Reacting, Attorney Rispoli noted that the SEC lost on programmatic sales, not secondary market sales. He asserted that Judge Torres completely excluded secondary sales in her landmark decision; hence, it cannot be appealed. 

According to Rispoli, programmatic sales centers around Ripple’s XRP sales on exchanges using trading algorithms. Conversely, secondary sales involve crypto-related transactions initiated on exchanges by members of the public. 

In the meantime, the October 7 appeal deadline is fast approaching. If the SEC plans to appeal the programmatic sales ruling or any aspect of the case, it must file an appeal notice before the deadline elapses. 

Market Expert Sees Shiba Inu Spiking 326%: Here’s Why

Sam Wisdom Raphael
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Market Expert Sees Shiba Inu Spiking 326%: Here’s Why

Shiba Inu (SHIB) is showing strong bullish signals after breaking out of a falling wedge pattern, as observed by market analyst Javon Marks. 

The breach of the falling wedge has led Marks to suggest that SHIB could be heading toward an ambitious target of $0.000081. This level would mark an impressive 326% price increase from Shiba Inu’s current levels.

Falling Wedge Breakout

The falling wedge pattern often signals that an asset is witnessing the end of a downtrend and the beginning of a bullish reversal. The pattern features two converging lines whose distance narrows overtime, as the market awaits a breakout.

Shiba Inu started forming the falling wedge after it dropped from the $0.000045 yearly peak in early March. As prices retraced, Shiba Inu witnessed lower lows and lower highs, forming two lines that ultimately converged as the bulls started reclaiming control of the market.

SHIB Falling Wedge Breakout Javon Marks
SHIB Falling Wedge Breakout | Javon Marks

SHIB broke out of the channel late last month, suggesting that a major price reversal could be underway. After the breakout, Shiba Inu witnessed another mild correction, eventually retesting the upper trendline. Nonetheless, this retest allowed the bulls to recover strength for another push.

Marks noted that SHIB has shown strength after breaking out of the wedge formation, with the current price action being potentially just the beginning of a larger move. He projected that SHIB could rally by over 326% from its current levels to a price target of $0.000081.

However, it’s important to note that while the breakout is promising, Shiba Inu will need to maintain its bullish momentum to reach the ambitious target. 

Shiba Inu Shows Strength 

Meanwhile, after retesting the upper trendline of the wedge, Shiba Inu has recorded massive upward movement, having closed yesterday with an impressive 22% gain. This marked its largest intraday gain in over six months. 

The surge allowed SHIB to climb to $0.000019, the highest level it has reached since July. As Shiba Inu knocks at the $0.00002 mark, the daily chart reveals that SHIB has now broken above the Keltner Channel. 

Shiba Inu 1D Chart
Shiba Inu 1D Chart

Notably, a breach above the upper band of the Keltner Channel typically signals that the asset is overbought. However, it also suggests strong upward momentum, indicating that the current bullish trend may continue for some time.

Additionally, Shiba Inu’s directional momentum indicators further support the idea of a continued rally. The Directional Movement Index (DMI) shows that the +DI has risen sharply to 41.753, while the -DI has dropped to 8.114, indicating that buying pressure is overwhelming selling pressure. 

Moreover, the Average Directional Index (ADX) has risen to 29.3. An ADX reading above 25 shows that the current trend is strong. Shiba Inu currently trades for $0.00001917, up 21% in the past 24 hours. 

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