Veteran trader @ali_charts recently made a prediction for the popular meme coin Shiba Inu. According to the trader’s latest analysis, the Shiba Inu (SHIB) can go up to the $0.0017 price zone.
While the trader is making this prediction, the pennant (which is frequently encountered in technical analysis)pennant) takes advantage of the formation. According to the trader, the meme coin is looking to break out of a bull pennant that formed when it reached $0.00001294 on January 18. getting ready.
“The Shiba Inu appears to be emerging from a bull pennant. If SHIB continues to trade above $0.011, it could move towards $0.017.”
However, as can be seen, the experienced analyst thinks that this bullish prediction will only come true if the asset can stay stable above the $0.000011 price level. It is worth noting that the Shiba Inu (SHIB) last fell below this critical level on January 19th.
A bull pennant pattern is formed when an asset peaks but then starts moving sideways in a narrow range. In the model in question, the sharp price movement before consolidation is considered as “direct”. It is thought that the sharp movement expected to be seen in the price after the consolidation process will be at this pole height. The pole length for the meme coin can also be seen in the chart shared by the trader.
In addition, the current bearish atmosphere, which has become dominant in the broader market, should not be overlooked. Meme coin seems unaffected by this drop, but that doesn’t mean it won’t.
In the bearish case of Shiba Inu (SHIB), the first important level of support is currently located at $0.00001154. If the first support level is broken, $0.00001127 is the other support. This level also serves as the last line of defense above $0.000011.
You can follow the current price action here.
Source : the crypto basic