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Peter Brandt: Shiba Inu Completes H&S Pattern

Mon, 08/15/2022 - 11:51
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Arman Shirinyan
Veteran trader believes that token has entered bull market
Peter Brandt: Shiba Inu Completes H&S Pattern
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Peter Brandt was one of the first traders and analysts who saw a volatile move incoming on Shiba Inu as he posted SHIB forming a bottom pattern on the daily chart on TradingView the day before the massive 25% move.

Recently, Brandt shared another trading idea, suggesting that Shiba Inu entered a bullish cycle and was going to move further up. The reason for such a bold prediction is the successful completion of the inverted H&S pattern, which is a direct signal for a reversal.

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Another factor that speaks in favor of the upcoming bull market for Shiba Inu is the 25% thrust, which reflects the bullishness of investors who are ready to support the rally of the token in case of a successful further breakout.

Technically, Brandt's analysis suggests that Shiba Inu bottomed out and now has no other path but up.

Is it as good as the savvy trader suggests?

From a technical standpoint, Brandt's analysis is more than accurate as Shiba Inu has been showing numerous signs of reaching a local bottom after the assets entered a prolonged consolidation cycle that lasted more than 90 days.

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In addition to a strong technical position in the market, the Shiba Inu ecosystem grew fundamentally, adding more decentralized solutions on the network, creating use cases and growing as a project.

A direct sign of growth is the holders' composition that changed from the purely speculative dominance of short-term holders to a fundamentally strong composition of investors holding the token for around a year.

At press time, Shiba Inu is changing hands at $0.00001555 and is losing around 8% of its value in the last 24 hours.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.