Analyst Spots Shiba Inu (SHIB) Crucial Support Level For Bullish Breakout

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.

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.

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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