Amid the turbulence in the cryptocurrency market over the last few days with sharp drops in most assets, the second largest memecoin, Shiba Inu (SHIB), is showing signs that a price increase may be near.
Renowned cryptocurrency analyst Ali Martinez has provided analysis based on memecoin’s latest moves, suggesting that Shiba Inu is facing an imminent bullish breakout.
According to the expert, the SHIB cryptocurrency has the potential to achieve a bullish breakout that sends its price to an impressive $0.000072323.
“ShibaInu appears to be forming a bull flag on the daily chart! I am placing buy orders around $0.000018343, targeting a bullish breakout that sends $SHIB to $0.000072323,” he wrote.
#ShibaInu appears to be forming a bull flag on the daily chart! I’m placing buy orders around $0.000018343, aiming for a bullish breakout that sends $SHIB to $0.000072323.
So, if you want to join me in this trade, head to @coinexcom and sign up using my referral link… pic.twitter.com/er1gE0lozV
— Ali (@ali_charts) May 1, 2024
The meme cryptocurrency Shiba Inu (SHIB) has seen a significant drop in its price over the last day. At the time of publication, the Shiba Inu price was quoted at US$0.00002135, down 4.7% in the last 24 hours. In its weekly development, memecoin has shown an impressive 22.3% price pullback in the last seven days.
Data from the SHIB network is suggesting that actions by short-term traders may have precipitated the recent drop in cryptocurrency prices. Shiba Inu has been trying to stabilize its price since last month, however, the memecoin price has shown a drop of 26.3% in the last 30 days.
Shiba Inu Heading for a Bullish Supercycle
Amid this week’s cryptocurrency market turmoil, Lucie, the key strategist on the Shiba Inu team, maintains an optimistic outlook for the future of the SHIB token. Even after the recent market decline, Lucie highlights that Shiba Inu is preparing for a supercycle, supported by Bitcoin’s influence on the crypto ecosystem.
In her most recent analysis, Lucie projected Bitcoin’s trajectory from 2015 to 2024, identifying critical phases that encompass a market bottom, a reaccumulation phase and an upward cycle. “This pattern is ongoing and we expect the settlement and reaccumulation phases to drive a widespread rise,” Lucie said. The forecast suggests that Bitcoin’s next bull cycle will begin between 2024 and 2025, post-reaccumulation that occurred in 2023, pointing to a promising future for SHIB.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/criptomoeda-shiba-inu-da-sinais-de-aumento-de-precos-iminente/
