Ali (@ali_charts), a prominent analyst within the Shiba Inu community, has offered a bullish outlook for SHIB, the second-largest memecoin. His prediction suggests a significant price increase in the coming months, potentially reaching a new high not seen in over two years.
While there have been short-term price corrections, crypto analyst Ali Martinez sees signs of a potential resurgence for SHIB.
Read Also: Analyst Says XRP Is on the Verge of a Major Breakout. Here’s why
Technical Indicators Suggest Upside
Martinez’s bullish outlook is based on his analysis of SHIB’s four-hour price chart. In a post on X, he notes the formation of a symmetrical triangle pattern, which often precedes a price breakout. If SHIB can decisively break above the resistance level of $0.000038, it could trigger a substantial 40% price increase, potentially reaching $0.000052.
Investors are advised to keep a close eye on the $0.000033 support level, as a break below it would negate the bullish prediction.
#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
Network Activity Signals Renewed Interest
Beyond technical chart patterns, the Shiba Inu network is demonstrating increased activity. Blockchain analytics posted by IntoTheBlock on X, indicate a nearly 2000% jump in daily active addresses compared to February’s average, peaking at 21,000 on March 5th. This surge signifies that the dedicated Shiba Army community is re-engaging with the project.
Community Focused on Value Creation
Given Shiba Inu’s limited real-world use cases, the community focuses on network development strategies to elevate the cryptocurrency’s value. One prominent strategy is the burning of SHIB tokens, a process of permanently removing them from circulation.
According to Shibburn, there has been a 438.18% increase in burn rate in the last 24 hours, equalling a total of 298,768,215 SHIB that have been burned in the past day. Also, in a tweet on March 10, Shibburn X account revealed over 14 billion SHIB tokens have been burned in the past week, a remarkable 6,478% increase.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Price Regains Surging Momentum as XRP Burn Rate Sees Massive Spike
Current Price Action
CoinMarketCap’s data reveals SHIB’s current price stands at $0.0000322, representing a 2%% increase in the past 24 hours. However, its 30-day performance shows an impressive 260% decrease. This momentum has pushed SHIB back into the top 10 cryptocurrencies by market capitalization, where it currently sits at $20.16 billion.
While technical indicators are promising, Shiba Inu’s future trajectory will undoubtedly be influenced by broader cryptocurrency market conditions.
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