Cryptocurrency analyst Ali Martinez has provided new information on how the price of the Shiba Inu (SHIB) is moving, which is quickly gaining popularity for its recent outstanding surge. Martinez noticed a symmetrical triangular pattern on the 4-hour price chart of SHIB. This pattern suggests a bullish breakout if the price rises above the $0.000038 resistance level.
In March, observers could see the triangle depiction of the SHIBA market amid high volatility. It went through the red zone with the formation of the Candel on the charts. It is a fact that, in times of high trading volumes, stock volatility is usually very high, too, and it becomes impossible for traders to establish a trend.
According to Martinez’s expectations, such a scenario looks probable when SHIB breaks the upper limit of the triangle formation, receiving the rise to $0.000052. On the other hand, we should point out that the SHIB potentially indicates a downward decline, which equally represents the bearish trend.
Shiba Inu Ranks Among the Top Ten
SHIB, dubbed a “Dogecoin killer,” is presently the tenth-largest cryptocurrency by market cap, having just exceeded Dogecoin’s market capitalization during its recent ascent. The community has hinted at imminent token burning to limit supply, propelling the increase.
Shytoshi Kusama, the lead developer of Shiba Inu, continues to actively involve himself in the community, dropping clues about the potential creation of a decentralized “SHIB world. This continuous contact powers the progress that SHIB has made. However, for the present surge to continue, SHIB’s price has to stay above critical support levels.
Since the beginning of March, SHIB has more than tripled in value; the current trading Shiba Inu price is $0.00003480, with a 24-hour trading volume of $2.27B and a market cap of $20.51B. The SHIB price decreased by 0.45% in the last 24 hours.
While the future remains uncertain, the pattern identified by Martinez signals the potential for further bullish momentum in SHIB. Investors will watch closely to see if the price can break out above $0.000038 to confirm the start of the projected 40% rally towards $0.000052.
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