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Shiba Inu (SHIB) Rally Accelerates, Gains 7% Already: Next Targets

Fri, 08/04/2023 - 12:30
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Arman Shirinyan
Despite depressing performance in June and July, Shiba Inu is coming back in August
Shiba Inu (SHIB) Rally Accelerates, Gains 7% Already: Next Targets
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In a refreshing turn of events for the meme coin market, Shiba Inu (SHIB) is experiencing a significant uptick in its price action. After breaking through the ascending triangle pattern, a bullish sign in technical analysis, the dog-themed cryptocurrency has been in a growth phase, showing promising signs of recovery. Since yesterday, SHIB has rallied by more than 7%, with signs pointing to further gains.

One contributing factor to this impressive surge has been an increase in trading volume. The influx of capital into the Shiba Inu market suggests renewed interest from investors, potentially indicating a resurgence of bullish sentiment.

Shiba Inu chart
Source: TradingView

The recent ascent of SHIB could be seen as an interesting counterpoint to the broader market's struggles, with scamming and rugpulling incidents involving other meme coins like BALD and PEPE. While these tokens have been mired in controversy and dramatic price drops, Shiba Inu has managed to maintain a level of stability.

In fact, despite losing a considerable portion of its value since its all-time high, Shiba Inu's drawdown has been less severe than many of its counterparts. This resilience could be attributed to the token's deployers not withdrawing a significant amount of liquidity, unlike other meme coin developers involved in rugpull scams.

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As we look toward the future, the next targets for Shiba Inu are contingent on continued positive market sentiment and growing trading volume. A sustained rally could see SHIB reaching new highs and further solidifying its status as a notable player in the meme coin arena.

However, investors must exercise caution and due diligence when participating in any cryptocurrency investment, especially in the meme coin space known for its volatility. It is always recommended to stay informed about market trends, understand the risks involved and invest responsibly.

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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.