Shiba Inu price gains bullish momentum, Binance offers traders $100,000 in SHIB
- 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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
