Analysts predict the rally for this meme coin to $0.000017 if this support holds, and are looking at catalysts for the Shiba Inu rival.
Meme coin can go higher
A crypto analyst says that Elon Musk may cause the meme token Dogecoin (DOGE) to break out of a permanent resistance level. The pseudonymous analyst Pentoshi told his 672,200 Twitter followers that the biggest rival of the meme coin Shiba Inu (SHIB) is showing bullish support, which could push it higher.
DOGE has faced resistance at the price level of around $0.0940 for most of the year, but if this resistance persists, it could indicate a break to $0.159 is imminent. Pentoshi says Musk could be the catalyst for Dogecoin’s rise. A supporter of Dogecoin, Musk is making moves to allow cryptocurrency payments on Twitter, the microblogging social media platform he bought last year.
Another crypto analyst, Smart Contracter, says that Dogecoin may have reached the bottom. He says that DOGE has performed strongly against Bitcoin (BTC), bouncing from the 0.00000387 DOGE/BTC support level. Looking at its chart, he predicts Dogecoin to hit 0.00000808 DOGE/BTC in March, with a massive increase of more than 100%.
Support can bring the rally behind
According to the latest analysis from senior trader Ali, Shiba Inu (SHIB) may be preparing to stage a rally towards the $0.000017 price zone. Ali believes that he wants to break out of a bull pennant formed when the asset reaches $0.00001294 on Jan. 18.
However, the experienced trader noted that this bullish prediction will only come true if the asset can hold steady above the $0.000011 price level. It is worth noting that the Shiba Inu last fell below this level on January 19th. The asset has been trading sideways between $0.000011 and $0.000012 since it fell slightly from $0.00001294 on Jan. 18.
Note that a bull pennant occurs when an asset peaks but then starts moving sideways in a narrow range. The pattern is considered bullish because it usually signals that the asset will continue to appreciate if it stays above critical support. Ali believes SHIB’s critical support at this point is in the $0.00011 region.
However, it’s important to take into account the current bearish atmosphere that is prevailing in the broader market, but SHIB seems unaffected. Most assets have recorded losses in the last 24 hours, but the Shiba Inu has gained 3% over the timeframe and is currently changing hands at $0.00001250. SHIB has been the top earner among the top 30 assets in the last 24 hours.
SHIB developments
Taurus can seek support from the rise in positive emotions within the community and positive developments surrounding the asset. The excitement about Shibarium, the upcoming tier-2 solution, could also help keep SHIB’s position above $0.000011. Shytoshi Kusama recently released another Shibarium procession that has garnered attention from influencers.
In one of the most recent positive developments surrounding the asset, blockchain payment platform FCF Pay revealed that SHIB payments using virtual cards have recently hit an all-time high, marking a surge in adoption.
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