Shiba Inu (SHIB) Hits New All Time High in a Wild Weekend. 🚀 See how it unfolded!

What is SHIBA INU (SHIB)?

Before looking at the charts you may be asking yourself what is SHIB and why did it hit a new all time high this weekend?

Shiba Inu or SHIB is a newer cryptocurrency that is quickly gaining a large following. The Shiba Token website describes it the following way.

From its inception, Shiba Inu has done things differently. Starting with a supply of 1 quadrillion, our founder, Ryoshi, locked 50% in Uniswap, then “burned” the other half to Ethereum co-founder Vitalik Buterin for safekeeping.

To help reverse the devastating spread of Covid-19 in India, VB has since utilized SHIB in the largest crypto donation in history, and then actually burned 40% of its total supply to a dead wallet, ensuring our long-term success and stability. In the words of Ryoshi, “Thank you to the woofmeister for enabling true decentralization. Now we truly begin.”

The Shiba Inu token is our foundational currency that allows investors to hold millions, billions, or even trillions, of it in their wallets.

Between its international recognition and its legitimate utility, SHIB is up thousands of times and is constantly expanding its reach. SHIB is the first to be listed and incentivized on ShibaSwap, our proprietary DEX.

https://www.shibatoken.com

Leading Into the Weekend

On October 6th Shiba Inu (SHIB) rallied to a new all time high. Over the next two and a half weeks SHIB was in a consolidation phase. It means that SHIB was not reaching new highs or lows, but trading within a boundary. This chart illustrates that the token was consolidating around $0.000027.

Bullish Flag

Bullish flag formations are found in stocks with strong uptrends. Bull flags resemble the shape of a flag flying on a flag pole. On the chart a large uptrend represents the flag pole, and consolidation is the flag. It is a positive sign to see on any chart and typically represents a future with a strong upward trend or a breakout.

Take a look at this chart of SHIB from September through October 22nd. Viewing the chart, Shiba Inu formed a clear flagpole on a strong upward trend and a consolidation phase afterwards. These types of indicators on stock charts almost always lead to a breakout. Meaning a strong upward trend.

Breakout

Upon reviewing the chart I assumed that a breakout would occur around October 21st. After a little more consolidation the breakout actually began on October 22nd. With heaving trading volume over the weekend the breakout continued to provide a 40% increase in the price of SHIB. Sunday October 24th SHIB reached a new All Time High.

Where does it go from here?

The future of how SHIB trades is anyone’s guess. After another sharp upward trend the crypto currency could go through a period of consolidation again until buying pressure builds towards another breakout. It could also retract some of the gains over the weekend. Or it could continue to gain over throughout the weekend.

SHIBA INU (SHIB) has built a strong online community with several investors that are passionate about the currency, the project and most importantly to buy and HODL the currency. Over the weekend the #SHIBARMY subreddit breached 300k users and is rapidly growing with new investors.

There are also predictions and speculation around when and if the popular trading app RobinHood will make SHIB available to trade. Nothing has been confirmed as of this time. However several investors believe that a listing on RobinHood will lead to a very strong upward trend. With RobinHood being one of the most accessible ways to trade cryptocurrency, it could have a large impact. It is a popular app with millennials and with its simple interface makes it easy to purchase crypto currencies with fiat assets.

Only time will tell!

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