Shiba Inu price is showing signs of bottoming after forming a giant cup and handle pattern, and as the top addresses increased their positions. SHIB coin was trading at $0.000012, a few points above the double-bottom point at $0.00001035.
Why Shiba Inu Price is About to Rebound
There are four main reasons why the Shiba Inu price is on the cusp of a major rebound in the next few weeks. First, there are signs that a new crypto market rally is on the horizon, with Bitcoin nearing its bullish breakout and the S&P 500 and Nasdaq 100 reaching their all-time highs.
Second, large Shiba Inu holders are adding to their positions. On-chain data shows that the supply held by top addresses jumped to 819 trillion, up from 617 trillion in June. This is a sign that these investors anticipate the token will continue to rise in the near term.
Third, as the chart below shows, Shiba Inu’s social dominance has increased to 0.33%, indicating that more users on social media platforms like X and Reddit are discussing the coin.
Furthermore, technical indicators suggest that the token has formed a double bottom pattern at $0.00001035. Its neckline is at $0.00001755, up by 71% from its double-bottom level. This pattern is one of the top bullish reversal signs in technical analysis.
SHIB has also formed a bullish divergence pattern, as the MACD and the Relative Strength Index (RSI) have continued to rise. Therefore, the most likely scenario is where it rebounds and hits the neckline at $0.00001755. A drop below the double-bottom pattern level will invalidate the bullish view.
Block3 is Emerging as the Next Big Thing
As the SHIB price nears a rally, Block3, a new crypto project currently in its presale, could be the next big thing in the industry. It has gone viral in the last two days, attracting thousands of users who have already invested $700,000 in its token.
Block3’s popularity is primarily due to its goal of disrupting the game development industry using artificial intelligence tools.
Building a high-quality game today typically costs millions of dollars and takes months or years. This explains why large studios like EA Sports and EA Interactive create the most popular mobile and console games.
Block3 aims to solve this challenge by creating an advanced AI engine that enables users to build games within minutes. It will work using a simple process where users will need to describe their games just as they do with ChatGPT and Claude.
The tool will then work behind the scenes and create the game within a few minutes. In addition to participating in the AI and gaming industries, buying Block3 today offers a discount. One BL3 token costs $0.01, and the eventual listing price is expected to be significantly higher. Buy the Block3 token here.
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