The rise in the price of Shiva Inu (SHIB) so far in October has made SHIB tokens the 20th largest digital asset by market capitalization.
Earlier this week, the current market value of Shiva Inu rose to $ 11.08 billion and now it is above 10 10 billion, making it to the top-20 through market cap for the first time. As a result, Dogcoin-inspired meme cryptocurrencies have become more valuable than popular blockchain projects such as Stellar (XLM), Polygon (Matic) and Tron (TRX).
Shiva Inu’s assessment has increased through a tweet published by Elon Musk. Oct October, Tesla CEO posted a picture of his pet dog – a Shiva Inu breed called “Floky Frankpoppy”. An hour after the tweet, Shiva jumped more than 40%.
Floky frankpop pic.twitter.com/xAr8T0Jfdf
– Elon Musk (lonelonmusk) October 4, 2021
Crypto spotlators tend to read too much into Mask’s tweets. For example, the billionaire entrepreneur helped raise the price of dogcoin (doggy) via Twitter in early 2021.
The week has grown nearly 400% since opening $ 0.00000725 in the fourth quarter of 2021. By doing so, the token re-examined its five-month high of $ 0.00003528 on October 7th.
However, SHIB revised the 40% -plus price on the same date as some traders decided to open their spot positions for intermediate profits. As a result, Shiva Inu’s market cap fell sharply to 8. 8.06 billion on Friday.
Shiva Inu persuaded a buy-dip attitude of selling across the market (against the dollar and bitcoin). A return rally occurs, which raises the price of SHIB by more than 45%. At its highest point on Saturday, the token was exchanging hands for 00 0.00003020, with a market cap of about 73 10.73 billion.
What’s next for SHIB?
Shiva Inu fell more than 5% on October 9 to a new intraday low of 00 0.00002575. In doing so, the cryptocurrency indicated the formation of a potential landing triangle pattern, which suggests additional losses up front.
Related: ‘many ow’ front? Dogecoin chart fractal Shiva Inu jeopardized 390% QTD rally
In detail, landing triangles are usually a bearish pattern formed when the price trend falls in an area defined by two converging trendlines: one falling and the other horizontal, as SHIB is formed in the chart below.
The low height above the standstill support line indicates a weakening of buying sentiment among traders. As a result, prices eventually break below the horizontal trendline. In doing so, its goal is shifted to a level of length equal to the height of the maximum triangle.
In other words, the price of SHIB could go below 00 0.00001000 in the next session if it fails to maintain the upper session level.
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