The cryptocurrency market experienced a positive shift yesterday (May 2nd), with Shiba Inu (SHIB) emerging as a top performer. The popular meme coin registered a 5% price increase within the day. Renowned analyst Ali Martinez has expressed optimism about SHIB’s potential.
In a post on X, the analyst suggests a bull flag pattern formation on the daily chart and anticipates a 300% price rally to reach approximately $0.000072323.
#ShibaInu appears to be forming a bull flag on the daily chart! I'm placing buy orders around $0.000018343, aiming for a bullish breakout that sends $SHIB to $0.000072323.
So, if you want to join me in this trade, head to @coinexcom and sign up using my referral link… pic.twitter.com/er1gE0lozV
— Ali (@ali_charts) May 1, 2024
Read Also: Shiba Inu (SHIB) Forms Bullish Flag. Here’s the Significance
Some community members reacting to Ali’s analysis expressed support while others such as @changeofP showed skepticism stating it was a “bad trade”
Martinez isn’t the only market observer with a bullish outlook on Shiba Inu.
In a recent post on X Rekt Capital, a crypto trader and analyst observed that SHIB’s current price mirrors levels seen in early 2022. While a price rejection occurred previously, the analyst believes the current market conditions could lead to a different outcome. If the token breaks through a key resistance level, Rekt Capital envisions the potential for a substantial three-digit price surge.
Jake Gagain, a crypto content creator and investor, is also bullish on SHIB. In a post on X, he said “Fading $SHIB Is A Major Mistake.” These bullish predictions by various analysts highlight the token’s potential.
Factors Driving Shiba Inu (SHIB)
Two key factors can fuel a SHIB rally in the near term: the coin’s burning program and the ongoing development of the Shibarium network.
The Shiba Inu burn rate saw a substantial 90% increase on May 1st. Throughout April, nearly 1.7 billion tokens were removed from circulation. The burning mechanism aims to gradually reduce SHIB’s massive circulating supply, potentially leading to increased scarcity and subsequent price appreciation.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Top Analyst Foresees 294% Shiba Inu (SHIB) Price Rally
Additionally, Shibarium, the asset’s layer-2 scaling solution, has undergone significant advancements. Last week, the Shiba Inu team scheduled a hard fork for Shibarium.
These developments focus on enhancing user experience, speeding up transactions, and empowering the broader Shiba Inu development community. Shibarium’s primary functions include lowering transaction fees while improving the Shiba Inu ecosystem’s utility, scalability, and overall efficiency.
As with any cryptocurrency investment, it’s essential to be aware of the inherent risks. The market is highly volatile, and prices can fluctuate significantly. Before investing in Shiba Inu or any other digital asset, it’s strongly recommended to conduct thorough research and consider your risk tolerance.
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