Analyst Ali Martinez noted a key pattern on Shiba Inu’s 4-hour chart. They suggested that if the coin breaks the $0.000038 resistance level with a sustained close, a substantial price movement may occur.
Ali Martinez pointed out a technical pattern for SHIB on Sunday. He noticed that SHIB has formed a symmetrical triangle on the chart.
Shiba Inu’s Potential Surge and Market Position
Martinez suggests that if SHIB maintains a close above the $0.000038 resistance level, a 40% surge could propel its price to $0.000052. Conversely, a drop below the $0.000033 support level might disrupt the bullish outlook.
#ShibaInu forms a symmetrical triangle on the 4-hour chart. A sustained close above the $0.000038 resistance could trigger a 40% bullish breakout, pushing $SHIB toward $0.000052.
Watch out for $0.000033 since losing this support level will invalidate the bullish outlook. pic.twitter.com/mr01I6xIry
— Ali (@ali_charts) March 9, 2024
Considered a potential rival to Dogecoin by some, SHIB ranks as the tenth-largest cryptocurrency by market capitalization, just behind DOGE. Over the past week, SHIB has surged approximately 44%, outpacing Dogecoin’s 84.4% rise since the start of 2024.
Shiba Inu’s Uptrend and Community Engagement
Analysts have pointed out Shiba Inu’s big uptick lately. They say part of the reason is the Shiba Inu community dropping hints about burning some tokens soon. This has happened before and usually means there are fewer tokens available, which could push SHIB’s price up.
Shiba Inu’s lead developer, Shytoshi Kusama, has been actively involved with the community. Kusama recently made references to the dot com era and teased the development of a decentralized SHIB world. Despite this positive sentiment, SHIB traded 9.9% lower at $0.000031.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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