Benzinga - Crypto analyst Ali Martinez has identified a crucial pattern for Shiba Inu (CRYPTO: SHIB) on the coin’s 4-hour chart, suggesting a significant price movement could be imminent, provided it could carry out a “sustained close” above the $0.000038 resistance.
What Happened: On Sunday, Ali Martinez highlighted a technical formation for SHIB. According to his analysis, SHIB has formed a symmetrical triangle on the chart.
Martinez posits that if SHIB can maintain a close above the $0.000038 resistance level, it could potentially lead to a 40% surge in price, aiming for $0.000052. Conversely, a drop below the support level of $0.000033 might negate the bullish scenario.
#ShibaInu forms a symmetrical triangle on the 4-hour chart. A sustained close above the $0.000038 resistance could trigger a 40% bullish breakout, pushing $SHIB toward $0.000052.Watch out for $0.000033 since losing this support level will invalidate the bullish outlook. pic.twitter.com/mr01I6xIry
— Ali (@ali_charts) March 9, 2024
See Also: ‘Dogecoin Killer’ Shiba Inu Gears Up For A ‘Potential Rebound’: Transactions Surpass 400M, Shiba Names Launched
SHIB, considered to be a “Dogecoin (CRYPTO: DOGE) killer” by some, is the tenth-largest cryptocurrency by market capitalization. DOGE is ahead by one spot. It has shot up almost 44% in the span of a week. Since 2024 began it has shot up 205% besting Dogecoin’s 84.4% appreciation.
Why It Matters: Shiba Inu has been on a notable uptrend, as reported by Benzinga. This rise was partly attributed to the Shiba Inu community’s hints at upcoming token burns, which historically have reduced the supply and potentially increased the price of SHIB.
Moreover, Shiba Inu’s lead developer, Shytoshi Kusama, has been actively engaged with the community, echoing sentiments of the dot com era and teasing the development of a decentralized SHIB world last week.
Image via Shutterstock
Price Action: At the time of writing, SHIB traded 9.9% lower at $0.000031, according to Benzinga Pro data.
Read Next: Forget Dogecoin And Shiba Inu — This Meme Coin Has Surged Nearly 70% In Just 24 Hours
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