With its complex patterns and signals, the world of cryptocurrencies never ceases to fascinate. Shiba Inu (SHIB) is once again the focus of the cryptocurrency market owing to the chart it displays, which depicts an unusual candlestick pattern known as the “reversed doji.”
A doji is a candlestick pattern that, for those who are unfamiliar with technical analysis, often has the same starting and closing prices and denotes market hesitation. On the other side, a reversed doji signals that the current trend may be about to reverse. This pattern may indicate another price surge for SHIB if it develops in accordance with past trends.
Now, while chart patterns give a hint as to anticipated price moves, additional corroborating data points must be taken into account to get a whole picture. On-chain data for Shiba Inu bolsters the case for a bullish situation.
Recent on-chain data revealed significant SHIB transactions, indicating that big investors, or “whales,” may be interested. The price of the token may see strong upward pressure as a result of such major transactions.
In addition to on-chain indications, previously discussed technical signs support the bullish thesis. For instance, the formation of crossings in the exponential moving average fits nicely with the story established by the inverted doji. The recent crossing of a shorter-term EMA above its longer-term counterpart only strengthens the likelihood of bullish momentum.
It’s difficult to predict the price changes of digital assets with 100 percent accuracy. However, a positive picture is painted by the convergence of multiple bullish indicators for SHIB. All signs point to a probable price increase for Shiba Inu, from the inverted doji candlestick pattern to sizable on-chain transactions and encouraging technical indicators.
