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Shiba Inu (SHIB) may skyrocket 20% if it breaches a critical resistance level, analysts suggest. The cryptocurrency is currently hanging from the edge, facing pivotal support levels that will determine its next move.
Crypto Analyst Predicts 20% Surge for Shiba Inu (SHIB) if Key Resistance Breaks, Amidst Renewed Interest in Meme Coins
According to renowned crypto researcher Ali Martinez (via U.Today), Shiba Inu (SHIB), the meme-inspired cryptocurrency, might experience a 20% increase if it breaches the upper threshold of a falling parallel channel at $0.00002444. Martinez's analysis, represented in a chart attached to the post, shows SHIB's track toward breaking through this critical resistance level.
On May 14, the bitcoin market saw a strong spike, notably for meme-based digital assets. According to CoinMarketCap, the entire cryptocurrency sector saw a 5.56% increase in capitalization, totaling $52.94 billion. Trading volumes for meme-inspired coins soared by almost 118%, indicating the heightened interest and activity within this niche.
Other meme coins, like Pepe Coin (PEPE) and Dogecoin (DOGE), are leading the surge with SHIB. This rise in meme coin activity corresponds with a rebirth of interest in cryptocurrency, which could be spurred by Keith "Roaring Kitty" Gill's return to the spotlight.
Keith Gill's Return to Spotlight Fuels Meme Coin Frenzy, Boosting Shiba Inu (SHIB) Prospects
Gill, renowned for his involvement in the GameStop (GME) stock short-squeeze saga in 2021, has again been a significant player in financial discussions.
A former financial counselor and investor, Gill rose to prominence for his positive attitude on GameStop. His dynamic and persuasive posts attracted a big following in the online trading community, convincing many retail investors to buy GameStop stock, resulting in a cult.
While SHIB stands out among its meme coin competitors, Martinez's projection injects a renewed sense of hope into its destiny. The potential 20% increase, if it breaches the barrier level, might signal a solid positive trend for the SHIB community.
Shiba Inu (SHIB) Nears Critical Support, Faces Key Resistance in Symmetrical Triangle Pattern
Shiba Inu is one of the most volatile assets in the cryptocurrency market. SHIB's price changes have recently been particularly noteworthy since they are moving at a level consistent with the newest chart patterns. The token is currently at a critical stage, resting on the support level of a symmetrical triangle pattern built over the last few weeks.
A symmetrical triangle is often seen as a continuation pattern, which implies it could break out in either direction following the consolidation it symbolizes. This pattern for SHIB has been marked by lower highs and higher lows, all converging to indicate an impending big price move. The trade volume throughout this period has yet to demonstrate a clear trend, adding to the suspense of the potential breakout.
Over the previous 24 hours, the price of SHIB has approached the triangle's lower support border. This is a critical period for investors and traders, as staying above this level could indicate strength and a possible upward turnaround.
A breach below may indicate the continuation of the recent bearish trend. The top border of the triangle is also essential; a decisive close above this resistance may suggest that bulls have taken control, potentially resulting in a breakout to higher price levels.
Given SHIB's volatility, both potential outcomes should be addressed. If investors and traders can make another push, breaking the upper barrier might pave the way for significant upward momentum, profiting from the current consolidation. However, without such impetus, SHIB may continue to test lower supports, potentially breaking away from the triangle, with bearish implications for the short-term price trajectory.
Photo: Microsoft Bing
