Shiba Inu’s (Shib) The monthly price rally seems to be preparing the stage for a double bottom pattern, an important upward configuration.
The joke cryptocurrency has increased 18% this month, its best performance since November, with prices earning more than 7% in the last 24 hours alone, according to Coindesk data. The rally is consistent with the increase in risk taking in the cryptography market triggered by the Bitcoin rally to lifelong maximums over $ 118,000.
The sudden is characterized by robust commercial volumes and an increase in the tokens burn, which took a large part of the circulation supply, according to Coindesk’s investigation.
Key insights
- Shib increased 7% during the previous period of 24 hours from July 10 from 12:00 to July 11, 11:00, ascending from $ 0.000012476 to $ 0.000013399 in an exceptional volume of 1,904 billion tokens.
- The acute reversal materialized during the last 60 minutes from July 11 from 10:26 to 11:25, with Shib reducing 1% to establish themselves at $ 0.000013385 as the liquidation pressure is manifested.
- Tokenses burning mechanisms accelerated with more than 9.5 million tokens permanently removed from circulation during the recent 24 -hour period, although the impact on the price remained moderate.
Key levels
- The advance of the resistance at $ 0.000013110 occurred in an exceptionally high volume of 1,904 billion tokens.
- Resistance level with established volume support, approaching twice the average commercial activity of 24 hours.
- A conventional support zone was formed around $ 0.000013230, with resistance placed at $ 0.000013580.
- The sustained rise impulse suggests a continuous potential towards the psychological level of $ 0.000014000.
Double background bull reversal?
The monthly profit of two digits of Shib follows a successful defense of the minimum of April in around $ 0.00001005, hinting at the formation of a double bottom pattern in the daily table.
The pattern comprises two almost equal channels separated by a recovery. It is said that a price increase through the trend line that connects the highest point of recovery confirms the break and a reversal of bullish trends.
In the case of Shib, the so -called double fund is marked by the maximum of May of $ 0.00001764. A movement through that level would indicate a large execution of bull.
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