Hey everybody, what’s going on, my name is matt and welcome back to crypto kings, the pleasure to have you guys back on the channel, and we have an amazing video to talk about so right now. Shiba inu is up 24 on the day. I haven’t said this since around may, after elon musk’s snl skit, which ended up initially sending ship to the moon – and i want to talk about in today’s video – why this has happened and of course, why the naysayers are proven wrong. So if you guys are new drop a like and let’s get right into it, so this is pretty monumental again, you guys can see it is up 24 on the day, which is just ridiculous. Now we talked previously a little bit about uh some of the technicals behind why this had a little explosion yesterday and you guys could see that uh for a while there uh it was sort of consolidating um.
If i zoom out and look at really the big picture, man uh these numbers here, look dwarfed by this insane surge, which we’ve seen but uh. I talked about my video yesterday about this little surge here and i said hey. It looks like based on some fundamentals and some fundamental factors that this surge was largely due to technicals and not due uh to any uh. You know, sort of meme or viral tweet, or anything like that, which would normally be considered a little sketchy. So again, i said that, based on the falling wedges, which you guys could see here, uh, obviously where uh the highs are getting um are getting lower, of course, and the lows are sort of staying the same.
I said that this looks like an area where, of course, it is ready for a breakout and sure enough that has happened. Now we saw this period of growth, which i talked about yesterday and i said: hey, i wonder how much it’s going to go down in this region, how low uh can it go uh before it ends up eventually crashing through a previous level of support, and thankfully The lowest it ever got was six five and then holy moly. We look right after and it is just an absolutely ridiculous surge here, all the way up to point: zero: zero, zero, zero, eight, which uh for those that don’t know it’s pretty big stuff. We’Ve been waiting to get back to this range uh for a very long time. Now one of the major catalysts behind this is i’m sure you guys could have guessed ethereum baby right now up seven percent on the day right now at 3100, and this is finally reminding me of the early.
You know sort of may june era of crypto this year, where everyone and their mother wanted to buy it and put it in their portfolio and hey. You know this is a good investment. This isn’t just um, you know online uh hogwash, you know, and even older people who might not know the fundamentals of cryptocurrency, obviously or might not know much about it, still realize that hey. This is something real. This is something substantial uh, so right now, ethereum, obviously being up around seven percent is just humongous and all the other erc20 tokens most of them are following suit.
Now bitcoin as well, you guys can see here up a solid two and a half percent on the day at 44, 000 And man i’ve been waiting for this day for so long. I’M sure you guys could agree with this uh just from a technical standpoint, man uh. This is what we were waiting for, and i’ve seen a lot of people on twitter. Talking about this, that this is the time where bitcoin ethereum the bear market per se has been put into a massive massive halt. Uh, because i’m sure you guys all heard that that hey, you know, bear markets coming all the altcoins like shibuyinu are not going to perform very well during this time, and thankfully shib has proven them all wrong here being up 25 on the day, and it actually Is trending here uh on um on coin market cap here and of course, doge uh also being up a massive amount on the day uh with some twitter hype talking about doge as well, so all around man.
This is fantastic and i’m sure you guys could agree. There are a lot of circumstances in which uh you know. Public sentiment is big and, of course, dogen and shib are to an extent meme tokens, but uh shibb has actual functionality which she was swapping ethereum performing. So well provides a bit of a backbone for this. This isn’t just raw hype.
This isn’t just raw uh. You know uncorroborated uh, you know predictions that you know don’t make any sense. This is very stable, long-term growth and, if you guys look at this over the past month, this is pretty nice now. Is this going to hold? Probably not it’s probably not going to hold at this level uh above you know where it was yesterday, but regardless before we saw this little twitter storm today with dogecoin before we saw you know this section here, it was still up a good amount.
On the day. I mean look at how much uh this has risen. You know without any of this uh. You know twitter and and public sentiment kind of thing, but just from a fundamental standpoint, look at how much this has already risen. So the idea here is that hey, even if a lot of these gains for today are halted, even if a lot of these um end up going down and we lose some of it.
We’D still have made incredible incredible progress, so where do i predict we’ll be tomorrow in 48 hours or where do i predict well uh, i like to guess for the most part, when we see surges like this, that fifty percent of it is either artificial inflated to Some extent and again you want to look for good. You know sort of indicators uh that provide a solid backbone for this growth and obviously the biggest one here being ethereum uh, as probably the most major indicator, because it isn’t quite tied to shib in in a meme way, but more in a fundamental way where doge. Obviously is tied to ship and a little bit more of a meme twitter kind of way, but regardless you know, doge being up so much on the day is a great thing, uh and then, of course, with ethereum right now, uh ethereum is also up. You know a good amount on the day and it’s finally actually holding itself above 3000. So the test for the future, if you guys were wondering what the test is, is that ethereum needs to, in my view, stay above 3 000 in the near future, in order for ship to continue growing successfully and speaking of growing successfully.
If you wanted to grow your finances link down below in the description to sign up for weeble, you guys get two free stocks. If you sign up using my link uh, sometimes they can be valued up to a lot of money like twenty three hundred dollars. If you manage to get lucky with your stock so again, link down below in description and you’d always convert that to crypto whatever you wanted to so link down below and you guys get started with weeble. We both get some free money who can’t love that, but regardless ethereum man is the number one uh sort of indicator here and and from a fundamental standpoint. Of course, i’m sure the rsi is going to be through the roof here and, as you guys could see, it is reaching many periods here where it is being what is considered overbought and that is to be expected.
But here’s the big thing right now, where shib is standing here at 8 1, the rsi is still considering it to be within the 30 to 70 range, meaning that right now, where shib is sitting the relative strength index is not considering it uh to be what You would say overbought so, according to some of the fundamentals here um, the rsi is saying that hey uh, this being at eight, isn’t that outrageous. This is very possible that it could maintain this, but i like to always prepare for the worst i like to always go uh with maybe the most conservative estimate possible. So let’s say that this entire period of growth uh was lost on the day. Let’S say this entire period of growth here just evaporates tomorrow, because you know that was all twitter hype, yadda yadda, let’s say this evaporates. So where does that leave us well a potential line that could leave us out here and where this would really test.
Uh is seven three and you guys see that here uh. This is a good line, uh to sort of assess, hey. You know how much of this growth here above this line is going to be maintained. We could also make another conservative estimate here and say: hey how about uh six seven and you guys look at that here. Uh.
This is another line where you guys could see um at a couple periods. You know it bounces off of a couple of times this six seven line, uh is considered a fine time for it to bounce off. So is six seven going to be the new line regardless man? This is big stuff. When you compare this to, you know where shib was a little bit ago, this is a very nice sign of growth and i really do believe – and i really do hope – that if some of this is maintained, uh we’ll continue to see this go up steadily and A little bit, of course, in a less volatile fashion in the future.
So with that being said guys, thank you so much for watching. Hopefully, everything made sense if you guys enjoyed make sure to drop a like and subscribe for more videos again link down below in the description weeble, who doesn’t love some free money and, of course, drop a comment. Let me know what you guys think shib is going to be in 24 hours from now. So thank you guys. So much and here’s a matt see you guys on the next one peace.
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