the meme cryptocurrency Shiba Inu (SHIB) has been attracting attention in the market amid its impressive rise in the last month, standing out in the current bull market rally.
It is worth noting that, in recent days, SHIB has experienced a very significant price increase, driven by several factors, including the effort of its community in an attempt to reduce its offer in circulation through burning tokens.
Meme cryptocurrency SHIB could trigger a 40% bullish breakout if it manages to confirm crucial resistance, according to a recent analysis. Cryptocurrency analyst Ali Martinez noted that Shiba Inu could enter an upward path with a potential 40% rally, which would push the SHIB price to the level of $0,000052.
“ShibaInu forms a symmetrical triangle on the 4-hour chart. A sustained close above the $0,000038 resistance could trigger a 40% upside breakout, pushing $SHIB towards $0,000052. Be careful with $0,000033 as loss of this support level will invalidate the bullish outlook,” he noted.
#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 $0.000033 since losing this support level will invalidate the bullish outlook. pic.twitter.com/mr01I6xIry
— Ali (@ali_charts) March 9, 2024
At the time of publication, the Shiba Inu price it was quoted at US$ 0,00003399 with an increase of 1.2% in the last 24 hours. In recent days, the meme cryptocurrency has seen an increase in its price of 26.3%.
Shiba Inu Skyrockets 500% in Two Weeks
With the cryptocurrency market rising and Bitcoin about to test the US$70 zone again, Shiba Inu (SHIB) has just attracted attention by entering the top ten cryptos by market value, following an impressive rise. This meme coin, which is often a topic among investors and sector enthusiasts, seems to know no limits in its upward trajectory.
Recently, market analyst Rekt Capital shared his optimistic view on the future of SHIB. After appreciating nearly 500% in two weeks, reaching $0,00004567, it suggests that Shiba Inu is on track to complete a U-shaped macro reversal and could trade close to $0,00006656. plus 100% for SHIB. This impressive metric points to even greater growth potential, fueling expectations of an explosion in the meme cryptocurrency's price.
