Ali Martinez, a followed crypto analyst, stated that Dogecoin rival will be on the rise. Analyst Shiba Inu “gives a buy signal” stated. Additionally, he predicted that SHIB may be gearing up for an upturn. The analyst came to this prediction based on his analysis of the Tom Demark (TD) Sequential indicator.
The TD Sequential indicator is used to predict the potential for a market trend reversal.
Keep your eyes peeled as SHIB could climb to $0.010 and potentially even reach $0.011!
Shiba Inu is trading at $0.00000903 at the time of writing.
Then turning to Bitcoin, the analyst says that based on the historical precedent of Market Value to Realized Value (MVRV), BTC could rise by around 41% from the current level.
MVRV is the ratio of Bitcoin’s market value to its realized value (the value of all Bitcoins at the price they were purchased). MVRV’s extreme deviation pricing bands are used to identify possible market bottoms and tops; 1.0 standard deviation is the upper band, while -1.0 standard deviation is the lower band.
During past bull markets, Bitcoin rebounded strongly after touching the average MVRV pricing band.
We are witnessing a similar pattern now. BTC jumping from the average MVRV to $40,500 has the potential to rise to the 1.0 standard deviation line at $60,000!
Bitcoin is trading at $42,653 at the time of writing this news.