Shiba Inu (SHIB) Ascending Triangle Pattern Sparks Major Rally Speculation

Shiba Inu (SHIB) bulls in the last 24 hours have had the upper hand, with the price swaying between an intra-day high and low of $0.00002957 and $0.00003069, respectively. Amidst this fluctuation, the Shiba Inu (SHIB) memecoin is catching traders’ attention, hinting at a potential major price surge soon.

Trader’s Analysis Signals Potential Rally

Renowned trader Captain Faibik (@CryptoFaibik) has recently shared insights suggesting a significant rally for SHIB. Analyzing the market trends, Captain Faibik points out the formation of an ascending triangle pattern on the charts, typically considered a bullish indicator due to its pattern of higher lows. This analysis has sparked anticipation among traders, with many eyeing the potential for substantial gains in SHIB’s value.

Current Market Position and Trading Volume

As of the latest update, SHIB is trading at $0.0000305, marking a modest 24-hour increase of 1.3%. The coin currently holds the 13th position by market capitalization, boasting a valuation of $17.9 billion. Despite its lower rank compared to its counterpart, Dogecoin, Shiba Inu continues to garner attention in the crypto space.

SHIB/USD 24-hour price chart (source: CoinMarketCap)

The 24-hour trading volume for SHIB stands at $651 million, indicating active trading activity within the community. IntoTheBlock data reveals that a significant portion of addresses are holding Shiba Inu at prices ranging from $0.000026 to $0.000035, with nearly half of these addresses currently in profit.

Heightened Awareness Against Scams

However, amidst the excitement surrounding SHIB’s potential surge, the community remains vigilant against fraudulent activities. “Shibarmy Scam Alerts,” an entity dedicated to uncovering scams and safeguarding the Shiba Inu community, has issued a critical alert. Scammers have been exploiting the coin’s popularity by orchestrating elaborate schemes within paid promotions, deceiving unsuspecting investors.

Community members are advised to exercise caution and conduct thorough due diligence before engaging with any promotional material, especially those appearing on platforms like Yahoo. Many of these fraudulent projects falsely claim affiliation with the Shiba Inu ecosystem, posing significant risks to investors.

As March draws to a close, Shiba Inu reflects notable gains, positioning itself as one of the prominent performers in the crypto market. According to CoinGecko data, SHIB is set to conclude the month with a remarkable 139% increase in value, indicating significant price appreciation within a relatively short period.

Despite experiencing a slight retreat from its peak, Shiba Inu continues to trade higher than its opening price in March, showcasing resilience in the face of market fluctuations. At present, Shiba Inu holds the 11th spot in the crypto rankings, with a market capitalization of $17.90 billion.

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