Shiba Inu Chalks Out Bullish Inverse H&S as BONK Cheers ETF Speculation, 1M Holder Milestone | Breaking Crypto News & Blockchain Updates

Shiba Inu Chalks Out Bullish Inverse H&S as BONK Cheers ETF Speculation, 1M Holder Milestone — Meme token Shiba inuSHIB$0.0₄1176has completed a major bullish reversal pattern as ETF speculation drives BONK higher. SHIB surged 5.2% in the past 24...

Meme token Shiba inuSHIB$0.0₄1176has completed a major bullish reversal pattern as ETF speculation drives BONK higher.

SHIB surged 5.2% in the past 24 hours, climbing from $0.00001136 to $0.00001195 with significant volume spikes, establishing a new support level at a high-volume support level at $0.00001162.

The upswing marked the completion of the inverse head-and-shoulders(H&S)pattern on the hourly chart, confirming a bullish shift in momentum. An inverse H&S, appearing after a notable sell-off, as in SHIB's case, comprises three troughs, with the middle one being the lowest and flanked by shallow and equidistant ones on either side.

"Technical indicators suggest continued bullish momentum as SHIB maintains prices above the newly established support levels," CoinDesk's AI research said.

BONK, a memecoin built on the Solana blockchain in late 2022, has surged 23% to $0.00001665 in the past 24 hours, becoming the best-performing top 100 cryptocurrency by market value.

According to CoinDesk's AI, the rally featured three distinct waves, with the most aggressive buying occurring between 23:00 and 01:00, when volume peaked at nearly 3 trillion units, establishing a high-volume support zone around $0.0000161.

The cryptocurrency also approached a one-million holder milestone. These bullish developments follow reports that Tuttle Capital’s proposed 2x Long BONK ETF has taken a procedural step forward.

Speaking of technical analysis, BONK's hourly price chart displays a SHIB-like inverse head-and-shoulders bullish reversal pattern.

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.

“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human.Read more about CoinDesk's AI Policy.

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