Why Shiba Inu Is Poised for Bigger Move As SHIB Price Explodes 23%, BONE Surges 35%; Here Is What Analysts Say

According to CoinMarketCap data, Shiba Inu (SHIB) is up 23% in the last 24 hours to $0.0000152. The token is also up 29% in the last seven days.

Its trading volume has also shot up a whopping 250% as traders jumped into the present volatility. SHIB has risen in the crypto market rankings as it sits in the 12th spot with a market capitalization of $8.34 billion.

The reason for the immense jump in SHIB’s price might be due to favorable technical factors. SHIB resolved a bullish pennant, which escalated its price higher.

Ahead of its massive rise, on Feb. 2, crypto analyst Ali Martinez spotted a chart pattern for the second largest dog-themed cryptocurrency, Shiba Inu.

He notes that Shiba Inu appears to be breaking out of a bullish pennant and predicts that if SHIB continues to trade above $0.011, it could run toward $0.017, which represents a nearly 54% increase.

A technical trading pattern, called a “bullish pennant,” suggests that significant upward price movement might soon continue. BONE, the governance token of the Shiba Inu ecosystem, is even higher, posting gains of 35% in the last 24 hours as it trades near the $2 mark.

Here Is What Analysts Say

Altcoin Sherpa, a crypto analyst, had this to say on SHIB’s move: “Some friends of mine are in this. had a strong move. I like SHIB for a lot of reasons; liquidity is always great on it and it’s also volatile. Had a breakout yesterday and maybe 1600 is the next area I’m viewing”.

Pentoshi, a trader and crypto analyst, says hype might pick up in the next few weeks, ”upcoming shibarium to add to fundamentals.” This one is a mix of both TA (technical analysis) + FA (fundamental analysis). TA: it’s empty space if it can break above here. But this month they are launching Shibarium and its own entire ecosystem. Expecting hype to pick up in the next few weeks”

Shibarium builder, Unification, has shared progress on the layer 2 solution. It says much of the work over the past month or so has been focused on OoO and preparing it for use on Shibarium.

It further added, “Given the scope, it’s foolish to rush, but work is progressing well, and although the public beta network is yet to be deployed, that day is rapidly moving ever closer.”

According to the Unification team, go-ooo, the application that listens for OoO data requests sent to the Router smart contract, fetches data, and sends it back to the requesting contract, has been the focus of development in recent weeks.

Image Credit: Shutterstock