Overview
Shiba Inu’s (SHIB) price has experienced a significant rise of 18% in July, achieving its best monthly performance since November. This bullish momentum is reflective of increased risk-taking in the cryptocurrency market, particularly influenced by Bitcoin’s remarkable surge to new all-time highs above $118,000.
Key Highlights
- Price Rally: July has seen SHIB’s price upwardly shift by 18%, indicating strong market interest.
- Market Dynamics: The resurgence is further supported by high trading volumes and an increase in token burn, leading to reduced supply circulating in the market.
- Market Patterns: The formation of a potential double bottom pattern suggests an optimistic trend reversal if SHIB can surpass the May price resistance level of $0.00001764.
Trading Insights
- Recent Performance: CoinDesk data reveals that during a recent 24-hour period, SHIB’s price increased by 7%, highlighting substantial trading activity.
- Caution: An acute reversal occurred within the closing hour of trading on July 11, when prices slightly dipped amidst liquidation pressure.
Expectations
As the price continues to exhibit upward movement, the psychological target to watch for lies at the $0.000014000 mark. Confirmation of a double bottom breakout could trigger a significant bullish run on SHIB’s price trajectory.
