Home Markets Key Market Expert Believes Shiba Inu Price Party Only Begins After Impressive Weekly Gains ⋆ ZyCrypto

Key Market Expert Believes Shiba Inu Price Party Only Begins After Impressive Weekly Gains ⋆ ZyCrypto

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Key Market Expert Believes Shiba Inu Price Party Only Begins After Impressive Weekly Gains ⋆ ZyCrypto

Robinhood Rival Public adds Shiba Inu Trading to its platform

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According to Gokhshtein Media Founder and PAC Protocol CEO David Gokhshtein, the Shiba Inu meme-cryptocurrency (SHIB) is set to explode in the near term.

The price of SHIB is in place an incredible 32.4% over the past seven days as the broader cryptocurrency market struggles for momentum.

Yet despite its upsurge, Gokhshtein noted that the canine-themed cryptocurrency is only at the start of another, bigger cycle.

Why David Gokhshtein is so optimistic in SHIB

David Gokhshtein, former Republican candidate for US Congress, thinks Shiba Inu is gaining momentum ahead of his next step.

“Anyone looking at $SHIB right now. Looks like it’s filling up for another leg,” Gokhshtein tweeted on Monday.

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SHIB was the biggest gainer in the crypto market on Sunday, jumping over 30% to hit $0.00001744. The trading volume in the last 24 hours is $3.69 billion. SHIB is trading at $0.00001595 at press time.

A few days ago, Gokhshtein predicted the coin’s latest rally: “Shib also looks like he wants to rip” while captioning a “watch out” emoji. At the time, however, he cited no catalyst that would drive the upward movement.

Can the SHIB price go even higher?

From a technical standpoint, Shiba Inu’s daily RSI has dropped from the overbought zone of 80 to levels around 60, which increases the chances that the coin may continue higher in the future.

Moreover, experts believe that SHIB could see a sharp upside soon if the breakout suggested by the bullish inverse head and shoulders (IH&S) formation on the asset’s daily charts is confirmed.

In detail, the IH&S pattern forms after a downtrend. This is when price forms three troughs in a row, with the middle one (head) deeper than the other two (shoulders). Meanwhile, all three lows are suspended by a price cap (neckline) which acts as resistance.

Shiba Inu has also seen notable developments in recent days. Earlier this month, Binance added SHIB to the list of supported cryptocurrencies for the exchange’s European-issued virtual Visa card. In doing so, the crypto giant has boosted the meme coin’s potential to attract new users to the booming European crypto market.

That said, a confluence of the aforementioned bullish factors could help SHIB explode higher.

However, while the odds appear to favor the bulls, it is crucial to remember that cryptocurrencies that break out of IH&S patterns tend to decline before advancing further. Such downturns help shake off “weak hands” and also provide a chance for investors who had been sidelined to re-enter the market.

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