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Shiba Inu Follows Dogecoin Into Consolidation: Is The Crypto Getting Ready To Surge Higher? – SHIBA INU (SHIB/USD)

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Shiba Inu SHIB/USD was spiking up over 10% higher at one point during Monday’s 24-hour trading session, in tandem with Dogecoin DOGE/USD, which reached 11.72% over Sunday’s 24-hour closing price.

The two Shiba Inu-based cryptocurrencies have been trading mostly in unison since Oct. 25, when Dogecoin started to surge higher following news Tesla CEO Elon Musk had told bankers he planned to close his acquisition of the now private social media company Twitter.

Between that date and Friday, Dogecoin skyrocketed 143% to reach a high of 15 cents, and Shiba Inu surged over 52% to reach $0.00001518. The cryptos have since entered consolidation phases, forming double inside bar patterns.

An inside bar pattern indicates a period of consolidation and is usually followed by a continuation move in the direction of the current trend.

An inside bar pattern has more validity on larger time frames (four-hour chart or larger). The pattern has a minimum of two candlesticks and consists of a mother bar (the first candlestick in the pattern) followed by one or more subsequent candles. The subsequent…

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