• The world's largest exchange, Binance has launched a campaign offering users $100,000 in Shiba Inu.
  • Whales continued to scoop up the meme coin in the recent price drop.
  • Analysts believe Shiba Inu price could make a comeback and gain bullish momentum for a breakout.

Despite the recent correction in Shiba Inu price (SHIB), analysts have spotted bullish signals in the meme coin's chart. The world's largest crypto exchange, Binance launched a campaign offering users $100,000 in Shiba Inu, fueling demand for the meme coin. 

Analysts believe Shiba Inu could breakout soon

Shiba Inu price formed a triple bottom, a pattern where buyers take control of the price action, which is considered bullish for the cryptocurrency. Shiba Inu price posted 4% in losses overnight; however, analysts have a bullish outlook and predict a recovery. 

Binance, the world's largest exchange by volume, has launched a campaign giving away $100,000 in SHIB. Users can claim their share of the reward on the exchange. Proponents believe this could drive the adoption of Shiba Inu higher among traders on Binance. The spike in demand from traders could push Shiba Inu price up. 

In the recent correction, while Shiba Inu price plunged, Ethereum whales continued to scoop up the meme coin. This is considered a bullish catalyst for Shiba Inu price. Shiba Inu is now among the largest non-Ethereum holdings among large wallet investors on the altcoin's network. 

Analysts have evaluated the Shiba Inu price trend and noted that $0.0000227 is the support for the ongoing cycle. FXStreet analysts note that Shiba Inu price is moving higher in the technical triangle. They believe that the meme coin price could hit resistance at the $0.0000255 level, where buyers could take profits. 

If a Shiba Inu relief rally continues, the descending trend line is key to evaluate where the meme coin is headed next. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing chances of one last bear market rally for 2022

Bitcoin Weekly Forecast: Assessing chances of one last bear market rally for 2022

Bitcoin price is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

More Bitcoin News

Uniswap price could kick-start a 14% rally if it reclaims this level

Uniswap price could kick-start a 14% rally if it reclaims this level

Uniswap price has been following the broader market bullish cues over the last few days sustaining its rise from 48 hours ago. Although the sentiment seems to have shifted slightly, UNI holders can still book profits if the Decentralized Finance (DeFi) token climbs to this level.

More UniSwap news

ATOM price suggests bears are still in control for these reasons

ATOM price suggests bears are still in control for these reasons

Cosmos price is producing a countertrend rally after suffering a steep decline throughout the month. If market conditions persist, ATOM could wipe out newly established bullish positions. Key levels have been defined to gauge ATOM’s next potential move.

More Cosmos news

Cardano Price Prediction: A new yearly low before the bounce

Cardano Price Prediction: A new yearly low before the bounce

Cardano price has suffered a vicious downtrend move throughout November. Ss price consolidates, the technicals suggest a bounce occurs while on-chain metrics hint that investors are considering securing profits sooner than later.

More Cardano news

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP