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Legendary trader Peter Brandt recently posted a Shiba Inu (SHIB) chart, which shows that the meme coin has formed a bullish inverse head-and-shoulders pattern.
The pattern is widely believed to be an indicator of an upcoming trend reversal.
As the name suggests, it is an inverted version of the bearish head-and-shoulders pattern.
As reported by U.Today, Shiba Inu experienced a significant rally, climbing to the 12th spot on coin raking site CoinMarketCap. Brandt opined that the competition of the inverse head-and-shoulders pattern was a telltale sign that the reversal was on the cards.
However, the recent uptrend didn’t have legs, with SHIB erasing all of its impressive gains within less than a week. The Dogecoin competitor plunged lower together with the rest of the major cryptocurrencies, including Bitcoin and Ethereum.
As of now, bulls seem to have an upper hand. The meme coin is up nearly 4% over the last 24 hours, currently trading at $0.00001337 on the Bitstamp exchange. Still, the coin is down more than 28% since last Sunday.
A new Shiba Inu-themed card game, which is enjoying early success in Vietnam, was believed to be the main reason behind Shiba Inu’s recent success.
The crypto coin is still down significantly from its record peak that was achieved last October.