Legendary trader Peter Brandt just lately posted a Shiba Inu (SHIB) chart, exhibiting that the meme coin has formed a bullish inverse head and shoulders pattern.
This pattern is extensively believed to be an indicator of an approaching trend reversal.
As the identify suggests, it is an inverted edition of a bearish head and shoulders pattern.
As reported by U.Today, Shiba Inu skilled a sizeable rally, climbing to 12th spot on the specialized scratch-off web page CoinMarketCap. Brandt thinks the competitors of the inverse head and shoulders pattern is a indicator that the reversal is on the cards.
However, the current uptrend has no legs, with SHIB wiping out all of its remarkable gains in significantly less than a week. Competitor Dogecoin has dropped reduced along with the rest of the big cryptocurrencies, like Bitcoin and Ethereum.
However, Brandt believes that SHB will be capable to regain bullish momentum if the meme holds over the trendline assistance. In this kind of a situation, the current formation could current a purchasing possibility. If the coin meme breaks under the neckline, it could indicate a purchasing possibility.
At the minute, the bulls look to be dominating. The meme is up practically four% in the previous 24 hrs, at the moment trading at $.00001337 on the Bitstamp exchange. However, the coin is down extra than 28% because final Sunday.
A new Shiba Inu-themed card game, which has been an early good results in Vietnam, is stated to be the major cause behind Shiba Inu’s current good results.
The cryptocurrency is nevertheless down appreciably from its all-time large reached final October.