In a recent market analysis, renowned crypto analyst Ali Martinez spotlighted a potential surge for Shiba Inu. According to Martinez, should SHIB successfully break the upper boundary of its current descending parallel channel, it may experience an approximate 20% upswing in its value.
Will SHIB Break $0.00002444?
Currently, the key resistance level stands at $0.00002444. Overcoming this barrier could propel the token to new heights, potentially reaching up to $0.00002954. Such a movement would not only signify a notable recovery but also spark interest among investors who are closely watching Shiba Inu’s performance.
Martinez’s analysis reveals that Shiba Inu has been trading in a descending pattern. This trading pattern, often a sign of a continuation of a downtrend, also holds potential for substantial price movements should the upper boundary be breached.
The importance of the $0.00002444 level cannot be overstated. A successful breach of this resistance would also alter the technical outlook for Shiba Inu, forming a new uptrend pattern that would correct the recent pattern.
Meme Coins Rise
Looking at meme coins’ current market performance, the tokens are trading on a bullish outlook as the sector recovers from the recent market slump. According to CoinMarketCap data, the total market capitalization and the trading volume are on the rise, recording an increase of 8% and 170%, with their values at $53 billion and $8.23 billion, respectively.
The tokens have gained massively in the past 24 hours. The leading meme coin, Dogecoin, recorded an increase of 6.70%, while Shiba Inu displayed a surge of 7%. However, Pepe coin and FLOKI are among the top gainers, as they surged by 20% and 14%, respectively.
Shiba Inu is showcasing resilience after a period of volatility over the past month, which led to the formation of a descending channel dropping from $0.00002800 to $0.00002100. The rise in the burn rate, as reported by CryptoTale, could potentially lead to an uptick as the reduction in supply rose by 280% over the past week.
Shiba Inu’s market capitalization stands at $13 billion, an increase of over 6% in the past 24 hours, while the trading volume has increased significantly by over 300%, reaching a value of $965 million.
