Cryptocurrency trader and analyst Peter Brandt, famous for his Bitcoin predictions, talked about the SHIB price. The analyst talked about SHIB, which is forming a bottom pattern on the daily chart on TradingView. According to him, SHIB stands ready to rally 25%. Brandt stood out as one of the first traders and analysts to see a volatile move coming in the Shiba Inu.
“SHIB is ready to rally”
Recently, Brandt suggested that the Shiba Inu has entered an ascension cycle and will rise higher. This forecast was the main topic of another trading idea that the analyst shared. The reason for such a bold prediction was the successful completion of the inverted H&S model. As we have reported as Kriptokoin.com, the inverted H&S pattern is the main indicator of a trend reversal in cryptocurrencies. There is another factor that speaks in favor of the upcoming bull market for the Shiba Inu. This factor is the 25% push, reflecting the rise of investors. The 25 percent rise seems poised to support the coin’s rise in case of a successful exit. Technically, Brandt’s analysis reveals that the Shiba Inu has hit rock bottom. It also shows that from now on there is no other way but to go up.
How accurate is Brandt’s prediction?
From a technical standpoint, cryptocurrencies entered a consolidation cycle that lasted more than 90 days. After that, the Shiba Inu showed numerous signs of reaching a local base. Therefore, Brandt’s analysis seems more successful than correct. SHIB already has a strong technical position in the market. In addition, the Shiba Inu ecosystem continues to grow as more decentralized solutions are added to the network. The network is experiencing fundamental expansions by creating new use cases and growing as a project. A direct sign of growth, short-term owners also appear. Accordingly, the said investors have a purely speculative dominance over the token. Now, dominance seems to be shifting to holders who have held the Token for about a year, which basically translates into a strong investor composition.
At the time of writing, the Shiba Inu was changing hands for $0.00001586. In addition, the meme coin has managed to increase its value by around 5.10% in the last 24 hours. In fact, SHIB was trading with intraday drops of up to 8% in the morning hours. However, a news that emerged in the last hours has blown the price of the meme token. This event was shared by crypto data monitoring platform Santiment. Santiment pointed out that the activity of whales holding over $100,000 Shiba Inu tokens has increased. Accordingly, SHIB whales seem to be preparing for a price rally, in line with Brandt’s prediction.
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