The meme cryptocurrency Shiba Inu (SHIB) has seen notable gains in its price in recent days. This mirrors the overall market trend as investors speculate about a potential resurgence similar to its rise in 2021.
Prominent crypto analyst Ali Martinez, through technical analysis, has identified a symmetrical triangle pattern (a chart pattern formed by two converging trendlines, one pointing upwards and the other pointing downwards, that meet at a specific point) on SHIB’s four-hour price chart, a pattern which often signals an upcoming price breakout in either an upward or downward direction.
#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
Read Also: Shiba Inu (SHIB) Can Still Make Millionaires, but Only if This Happens
This pattern emerged on March 5th, following heightened price volatility. Such periods are frequently followed by a temporary lull in market momentum before a decisive move in one direction.
If Shiba Inu (SHIB) can achieve a sustained close above the critical resistance level of $0.000038, Martinez’s analysis suggests a potential bullish surge of up to 40%, potentially pushing the price toward $0.000052.
Shiba Inu: A Cryptocurrency Powerhouse
The recent market activity of Shiba Inu should not be underestimated. Since early March, SHIB’s value has more than tripled, with the popular crypto currently trading at $0.00003273, according to data from CoinMarketCap.
Shiba Inu’s impressive market performance has secured its place as the 10th largest cryptocurrency globally, boasting a market capitalization of $19.22 billion. This achievement underscores the meme coin’s remarkable strength.
Read Also: Cardano Public Testnet Set To Hardfork into Alonzo Era Today. What Does This Mean? Details
Market Outlook and Investor Sentiment
The cryptocurrency market remains highly dynamic, and the potential outcomes for Shiba Inu (SHIB) are subject to a variety of factors. Investors are closely monitoring SHIB’s price movements for signs of an impending breakout.
If the bullish scenario envisioned by Martinez unfolds, the road to $0.00005 may become clearer. However, those invested in the meme coin should also consider the possibility of price volatility.
Follow us on Twitter, Facebook, Telegram, and Google News
