Shiba Inu's Current Price Reveals Possible Major Price Increase
In the world of cryptocurrency, the Shiba Inu (SHIB) token is gearing up for a significant move, according to analyst Ali Martinez. A potential breakout from a descending triangle pattern could trigger a strong bullish move, sending the price soaring towards a measured target of around $0.00001945.
The breakout point for this potential rally is near $0.00001553. This bullish case is bolstered by on-chain indicators such as an 181% spike in burn rate and increased activity from large holders, often referred to as 'whales'.
However, recent price action has shown some caution. SHIB has experienced failed breakout attempts and rejection at key resistances such as the 200-day EMA. This has resulted in bearish signals and price weakness below $0.00001350.
The critical condition for a bullish continuation is a decisive close above $0.00001350, accompanied by increased volume and breaking the 200 EMA resistance. A successful breakout could result in a strong upward move with potentially double-digit percentage gains. Conversely, failure to hold breakout levels could lead to further downside pressure, with sellers dominating the market.
The market for Shiba Inu is poised, with the chart lines drawing a silent story of forces in equilibrium, ready for one side to gain the upper hand. If the $0.00001413 floor fails, a 17% drop could send the Shiba Inu price towards $0.00001210.
For traders, it's not just about the pattern, but the breakout's direction when it occurs, ideally confirmed by increased trading volume. The subsequent days will reveal whether the current formation will unlock a surge or write a more bearish chapter for the Shiba Inu price.
In other news, ShibaSwap, the decentralised exchange associated with Shiba Inu, maintains a high security score on CertiK's Skynet Platform. Meanwhile, it's worth noting that there is a potential path for the Shiba Inu price to surge by 450%.
Lastly, it's worth mentioning that X Money, a new platform, is launching without crypto integration.
As always, it's crucial for investors to conduct their own research and consider their risk tolerance before making any investment decisions.
The breakout of the potential rally for Shiba Inu could be bolstered by increased finance from investors, particularly when accompanied by increased trading volume, if the price manages to decisively close above the resistance level of $0.00001350 and break the 200 EMA. On the other hand, failure to hold these breakout levels could lead to increased technology involvement by sellers, potentially leading to a 17% drop in the Shiba Inu price. Meanwhile, the decentralized exchange associated with Shiba Inu, ShibaSwap, maintains a high security score on CertiK's Skynet Platform, providing investors with an added layer of security for their investments.
