The four-hour chart shows that the SHIB price rose to USD 0.000018, successfully exceeding significant resistance at USD 0.000013. David Gokhshtein recently predicted that Shiba Inu might continue increasing and that anyone would think it is preparing for another stage.

Shiba Inu (SHIB), the second-largest meme coin behind Dogecoin (DOGE), occupies 12th place in the cryptocurrency ranking. Its price has increased thanks to the support from its investors on social media over the weekend.

The crypto asset has risen by 153% from its low this year to its current high. The token recently pulled back as the rest of the market plummeted. While Ether (ETH) dropped to USD 1,950, Bitcoin (BTC) fell to USD 24,100. The overall market capitalization of cryptocurrencies declined to USD 1.2 trillion.

Shiba Inu May Have Begun the Bullish Cycle

Peter Brandt was the first trader and analyst to predict the dramatic move of Shiba Inu. He noted on TradingView that SHIB created a bottom pattern on the daily chart before rising by 25%.

The expert said that Shiba Inu had started a bullish cycle and would continue increasing. He bases that prediction on the completed inverted head-and-shoulder model, which indicates a reversal.

The 25% surge shows the advantage of investors willing to back the rally of the token rally if a successful breakout occurs. According to Brandt, SHIB has bottomed out and has only one way to move upward.

The four-hour chart shows that the SHIB price rose parabolically, reaching a peak of USD 0.000018, its highest level since May. The meme coin successfully exceeded significant resistance at USD 0.000013, its highest point on July 20th.

The Future Behavior of the Shiba Inu Price

SHIB is one of the most popular crypto assets in the market. Over the last few days, its price experienced a significant rise of more than 30%, a trend that might continue.

Well-known personality David Gokhshtein recently posted on his Twitter account that the SHIB price could continue increasing.

Gokhshtein, the founder of Gokhshtein Media and a former US Congress candidate, said that anyone watching SHIB would think it is preparing for another stage.

Shiba Inu recently drew the attention of whales, investors, and analysts. The transactions over USD 100,000 have increased significantly over the last 24 hours.

Besides, the activity about the behavior of Shiba Inu has increased significantly on social media. The dog-themed cryptocurrency SHIB struggled to protect its earnings, going from USD 0.000013 to USD 0.000018.

SHIB is trading at around USD 0.000016 and has accumulated a 31.8% gain over the last week. While its daily trading volume is above USD 1.17 billion, its market capitalization is about USD 9.54 billion, according to CoinGecko.

Meanwhile, Bitcoin is attempting to hold the critical USD 24,000 level. The pioneering cryptocurrency is trading at around USD 24,100 and has accumulated a 1.2% gain over the last week.

By Alexander Salazar

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