With Bitcoin above $31000 and Ethereum trading at the brink of $2,000, several altcoins in the top 100 seem to be gearing up for a rally. Well, they seem to be having the moon’s blessings too at this stage. According to financial astrology, assets usually tend to behave in patterns, depending on the state of the moon. In some markets, full moons imply the beginnings of short-term upswings, while in others, new moon periods are considered to be the rabbit’s foot. As far as the crypto market is concerned, the fortnight following any full moon night has mostly been bullish and vice versa. July’s full moon occurred last night [i.e. on the 3rd]. So, could meme asset Shiba Inu capitalize on the same?
Shiba Inu is up 9% already
On TradingView’s Moon Phases indicator, full moons are typically white. On the other hand, new moons are colored blue to help distinguish between the two. In fact, the space between the periods is also shaded accordingly. Yellow indicated a growing period lies ahead, while Navy Blue signified waning.
Since the beginning of 2023, this trend has been adhered to on most occasions. Barring a couple of minor deviations—like the ones in the latter half of January and March—the token’s price has mostly registered uptrends in yellow patches, while on the navy blue ones, it has dipped. The intensity of the rallies or corrections has, however, varied from time to time. At times, it has concluded early or started prematurely.
Shiba Inu has already initiated an uptrend. From its local low created towards the end of June, SHIB is up by 9.4% already. So, if the bullish phase is extended, investors can expect the asset to attain $0.00000976 over the next few days if it successfully breaks above $0.00000810 on its path up. Thereon, if the conditions continue to be favorable, then SHIB could also end up knocking off a zero eventually.
SHIB buyers on-board
Even on the on-chain front, SHIB’s next major resistance cluster lies above $0.000009. Around the same price, around 25,100 addresses have bought around 22.7 trillion SHIB tokens. Thus, there is no immediate sell-pressure looming for Shiba Inu.
Contrarily, the masses continue to accumulate SHIB. At the current price of $0.00000773, buyers have the upper hand. IntoTheBlock’s Buyer-Seller Trade Difference metric flashed green values on the 6-hour and 12-hour timeframe, adding more credence to the narrative. Thus, SHIB has the support of buyers at the moment to renew its uptrend. However, for that to extend for a whole fortnight, the bullish pressure will have to mount up even further in the days to come.