According to analyst Ali Martinez, Shiba Inu (SHIB) may resume its uptrend soon as the meme coin approaches a breaking point.
- The Shiba Inu is consolidating in a narrow range and appears to be approaching a breakout.
- An increase in buying pressure could push SHIB into a 77% bull run.
- Still, the $0.000028 support level must be maintained to avoid a potential increase in taking profits.
Meme coin Shiba Inu seems to be leading the next “alt season” as its price has increased since the beginning of the month. The formation of a bullish pattern on the price chart shows that despite the recent consolidation period, SHIB’s bull run is not over yet.
Analyst: Shiba Inu (SHIB) is ready for a 77% bull run!
Meme coin Shiba Inu (SHIB) started Q4 2021 strong. The so-called “Dogecoin killer” has risen 375% since October 1, reaching a five-month high of $0.000035. Although the increase in profit taking has prevented prices from rising in the past five days, SHIB appears to be poised for higher highs. The sudden bullish action seen in the first week of October seems to have formed the flagstaff of bullish pennant formation on Shiba Inu’s four-hour chart.
Meanwhile, the ongoing consolidation period may be developing the pattern’s pennants, according to the analyst. This bullish continuation pattern predicts the Shiba Inu could rise 77% higher after breaking the pennant’s upper trendline at $0.000032. A decisive four-hour candlestick above this resistance barrier could push the market cap of SHIB towards $0.000054.
Analyst emphasizes that this level is critical for meme coin
While the rates seem to support the bulls, it would be prudent for market participants to wait for confirmation before entering any trades. A spike in selling pressure could invalidate the optimistic outlook and lead to a steep correction instead.
The Fibonacci retracement indicator, measured from $0.000035 on October 7 to $0.000020 on October 8, shows that the Shiba Inu must stay above $0.0000028 to avoid a significant pullback. Breaking this critical support level could cause SHIB to drop to $0.0000026 or even retest the October 8 low of $0.0000020.
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