As the Cryptocurrency market crashed today, 1st April, some of the largest cryptocurrencies along with Bitcoin and Ethereum had their worst performance in weeks. As a result, most of the cryptocurrencies had their worst performance in weeks. The meme coin Dogecoin and Shiba Inu saw their worst losses too.
Shiba Inu Price Form A Bottom Reversal Pattern
From January 5 to February 8, the price action by Shiba Inu has seen a V-shaped valley called “Adam”. This formation was followed by a rounded bottom formation also known as “Eve”. As the second half of the formation is yet to form, the competition between both Adam & Eve is expected to continue.
Basically, Adam and Eve’s formation is called a bottom reversal pattern pointing towards an uptrend. The current trading of SHIB says we might soon see a 38% bull run pushing the price to have a breakout at $0.0000329.
At press time, Shiba Inu price is changing hands at $0.00002552 with an 8.06% plunge in the last 24hrs. From the current position, an upswing towards $0.0000329 will have a 75% surge in all. If the price successfully surpasses this level, we might see SHIB reaching $0.000035
Though Shiba Inu is depicting a bullish pattern, if Bitcoin decides to move south, then that move might drag altcoins too including Shiba Inu. Hence investors got to be too careful.
Whale Accumulates Another 175.2 Billion SHIB
The data provided by WhaleStats on-chain platforms states that over the past 17hrs, a whale is known as “Bombur” has made a purchase of 175.2 billion Shiba Inu meme tokens that cost around $4.4 million.
WhaleStats also reported that these transactions carried 57,871,907,885; 58,807,087,673 and 58,624,985,970 Shiba Inu worth $4,553,868.