Is Shiba Inu Presenting an Interesting Profit Opportunity ?
Shiba Inu (SHIB), one of the most popular memecoins, has experienced a significant decline this year, losing billions in market value. However, encouraging signs suggest that the price could soon rebound, offering an interesting opportunity for investors.
Here are 4 main reasons pointing to a potential trend reversal for SHIB :
1. Formation of a Bullish Double-Bottom Pattern
Technical analysis reveals the formation of a double-bottom pattern on SHIB’s daily chart, a highly bullish reversal pattern. As long as the token remains above the crucial support at $0.00001035, this bullish structure remains intact. SHIB has perfectly bounced from this demand zone, signaling accumulation by smart money.
A confirmed breakout above the neckline at $0.00001755 could pave the way for substantial gains. In the short term, breaking through $0.0000128 would confirm the new bullish momentum. The intermediate resistance sits at $0.000015.
2. Decreasing Shiba Inu Supply on Exchanges
Exchange inflow and outflow data show that investors, particularly whales, are no longer selling their SHIB tokens. The volume on platforms has decreased from 141 trillion to 140.38 trillion, indicating that holders prefer to keep their assets rather than sell them.
3. Increasing Open Interest on Futures
Another bullish indicator is the increase in open interest on SHIB futures contracts, reaching $59.2 million on July 2. Historically, such growth in open interest often precedes upward phases in cryptocurrencies.
4. Potential Bitcoin Rebound
Finally, Shiba Inu could benefit from a broader crypto market rebound, supported by Federal Reserve rate cuts and a new all-time high for Bitcoin. With an 81% chance of beating its ATH before October, BTC could trigger a wave of buying across altcoins, including SHIB.
Should You Buy Shiba Inu Now ?
Although Shiba Inu has suffered heavy losses this year, these various technical and fundamental elements suggest that the price could soon rebound, offering an interesting opportunity for savvy crypto traders. It remains to be seen whether SHIB will capitalize on this favorable window.
The Fibonacci retracement indicates that SHIB could reach $0.00040 in the coming years. This represents a potential increase of approximately 30 times its current price.
Moreover, a potential Dogecoin ETF could reinvigorate memecoins and consequently SHIB.
How to Invest in SHIB on BitMart ?
- Registration : Visit BitMart’s official website, click “Sign Up,” enter a valid email and secure password, then validate through the received link.
- KYC Verification : Log in, access “Identity Verification,” submit an ID (passport/card) and a recent utility bill.
- Fund Deposit : Go to “Wallet” > “Deposit,” choose USDT or BTC. Generate an address, transfer (10-30 min, network fees apply), or pay by card (1-2% fees).
- Purchase : Navigate to “Spot Markets,” search for SHIB/USDT, select a market order (immediate) or limit order (set price), enter the amount, and confirm (0.1% fees).
