Prominent crypto analyst Ali Martinez has recently offered new insights into the price chart of Shiba Inu (SHIB), a meme-inspired cryptocurrency that is gaining traction in the digital asset market. Martinez observed the formation of a symmetrical triangle pattern on the four-hour chart, indicating a possible bullish breakout if the price manages to sustainably close above the $0.000038 resistance level.
Prominent crypto analyst Ali Martinez has recently offered new insights into the price chart of Shiba Inu (SHIB), a meme-inspired cryptocurrency that is gaining traction in the digital asset market. Martinez observed the formation of a symmetrical triangle pattern on the four-hour chart, indicating a possible bullish breakout if the price manages to sustainably close above the $0.000038 resistance level.
The appearance of this triangular pattern, as described by Martínez, occurred on March 5 amid major price fluctuations within the SHIB token market. Following the formation of this pattern, SHIB price volatility experienced a decrease, typical after periods of strong price movements characterized by large candles. However, such periods of volatility tend to precede new upward or downward price movements.
If Martinez’s analysis materializes, with a bullish breakout of the triangle pattern, SHIB could rise as much as 40%, with a price target of $0.000052. However, the possibility of a bearish scenario cannot be ruled out, in which SHIB may break out of the triangle pattern in a downward direction.
Shiba Inu is in the top 10, in fact
Despite the uncertainty, SHIB has shown notable growth since early March, tripling its price and currently trading at $0.000033. With an overall market capitalization of $19.76 billion, Shiba Inu maintains its position as the 10th largest cryptocurrency by market capitalization.
The observed price pattern and Martinez’s analysis indicate potential bullish momentum for SHIB, and investors are closely monitoring its price movements for further indications of market direction. As the cryptocurrency market continues to evolve, SHIB’s performance remains of great interest to the community, pending confirmation of its possible upward trajectory towards the $0.00005 mark.
