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Dogecoin killer Shiba Inu breaks out, targets $0.000045

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Sellers and purchasers have seen SHIB’s price skyrocket over the last six trading days as the currency created an ascending triangle pattern.

The decline in the price of Dogecoin may have scared Shiba Inu owners, but SHIB has proven them incorrect. With sustained consolidation, SHIB’s price has been resembling a textbook model of technical analysis theory.

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DOGE, one of Elon Musk’s preferred cryptocurrencies, is apparently among the topmost traded crypto coins on Binance, Coinbase, and Huobi, with a market capitalization of $1 billion.

SHIB has increased by almost 260 percent in the last week, according to reports.

The recent price increase has crowned Shiba Inu the new king of the meme currencies, attracting both rookie and expert crypto aficionados. Many investors, however, have questioned if this step will be enough to keep the company afloat.

The recent price increase has crowned Shiba Inu the new king of the meme currencies, attracting both rookie and expert crypto aficionados. Many investors, however, have questioned if this trend will continue in the long run.

On October 5, the Shiba Inu coin increased by more than 55 percent, and it was reported that an unnamed whale purchased about 6.3 trillion SHIB in less than two days. On October 1, the so-called SHIB whale began purchasing coins, amassing a massive 6 trillion SHIB coins worth roughly $43,838,900. (around Rs. 3,27,81,19,505).

Sellers and purchasers have seen SHIB’s price skyrocket over the last six trading days as the currency created an ascending triangle pattern. The ascending triangle suggests the strong likelihood of a bullish breakout occurring.

According to analysts, this is the ideal situation for bulls to establish or add new long positions, with the goal of closing the coins at the daily high of $0.00002785. The 61.8 percent Fibonacci expansion level at $0.000045 could be the next target.
If purchasers lose interest, the current bullish trend can simply be nullified. Extreme selling pressure can be triggered by a daily closure below $0.00002442. The Composite Index, which recently crossed below the fast-moving average price line, will be watched closely by investors.

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