Shiba Inu (SHIB) has been showing a remarkable performance in the crypto market recently. This performance reflects the general market trend, with investors expecting a move similar to the past boom.
Cryptocurrency analyst Ali Martinez also mentioned a technique that gives investors hope in parallel with this rise. analysis shared. According to the said analysis, a distinct symmetrical triangle pattern emerged on the four-hour price chart of SHIB. This pattern signals that an upward or downward price breakout is approaching.
#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 towards $0.000052.
Watch out for $0.000033 since losing this support level will invalidate the bullish outlook. pic.twitter.com/mr01I6xIry
NEWS CONTINUES BELOW— Ali (@ali_charts) March 9, 2024
The symmetrical triangle formation is an important indicator in technical analysis. It indicates that an up or down trend has ended and a big move in price is approaching. According to Ali Martinez’s analysis, if SHIB makes a sustainable close above the critical resistance level of $0.000038, a potential upside of up to 40% can be foreseen in the price. In this case, the price is expected to gain momentum towards the $0.000052 level.
Shiba Inu Price Movement
With recent market activities, Shiba Inu has become an important actor in the cryptocurrency market. According to current data, the value of SHIB has more than tripled since the beginning of March and is currently trading at $0.00003273. This is a reflection of the Shiba Inu’s impressive market performance.
Shiba Inu’s value in the market has gained surprisingly rapid momentum and has now become the 10th largest cryptocurrency worldwide. Its market cap of $19.22 billion shows that Shiba Inu is not just a meme coin but has significant strength.
This success shows that Shiba Inu has a strong position to compete with other major cryptocurrencies in the market. The Shiba Inu’s popularity and market position make it clear that he is an asset to be taken seriously in the cryptocurrency world.
If the bullish scenario predicted by Martinez comes true, the path to $0.00005 may become clear. However, given the volatile nature of the market, it is important for investors to be careful and not make emotional decisions.
You can follow the current price movement here.
