Disclaimer: The opinions expressed by our editors are their own and do not represent those of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
Renowned crypto analyst Ali Martinez has paved the way for an intriguing turn of events in the Shiba Inu (SHIB) market.
Martinez, a prominent figure in the crypto world, recently presented a compelling analysis, suggesting that SHIB could be on the verge of a bullish breakout with an epic twist.
Since September 2022, SHIB price has been sailing in a descending parallel channel. The current focal point is the critical resistance level at the upper boundary, positioned around $0.000011.
Martinez’s forecast relies on a decisive weekly close above this level, potentially setting the stage for a bullish surge, pushing SHIB towards the $0.000014 mark.
However, a rejection at this stage could result in a temporary setback, with a potential pullback to $0.000008 before the expected upside breakout.
SHIB’s price movements have been actively reported by U.Today, notably noting its impressive growth of over 50% from mid-October to present, reaching the coveted 0 $.00001 per token.
Despite this, historical trends reminiscent of August reveal a recurring challenge for the Shiba Inu to exceed these levels, often hampered by waves of sales.
According to Martinez, the current trajectory indicates that SHIB could experience another round of sales before attempting to recover. Forecasts suggest that surpassing the $0.00001 threshold after the correction depends on the prevailing conditions in the dynamic crypto market.
The coming weeks are poised to reveal whether SHIB will successfully navigate the complex patterns described by the analyst or whether it will face additional challenges in its quest for a substantial upward move.