Crypto analyst Ali Martinez has provided a bullish narrative for the Shiba Inu price action, increasing the possibility of the meme coin inching closer to its all-time high (ATH). This is coming at a time when the crypto token’s fundamentals look to be stronger than ever.
SHIB Could See A 40% Bullish Breakout
Martinez highlighted in an X (formerly Twitter) post a symmetrical triangle that formed on the SHIB chart. He stated that a sustained close above the $0.000038 resistance “could trigger a 40% bullish breakout, pushing SHIB toward $0.000052.” Meanwhile, he added that the meme coin losing the $0.000033 support level will invalidate the bullish outlook.
The crypto analyst had previously made a more ambitious price prediction for SHIB, stating that the token could lose three more zeros and rise to $0.011. He based his analysis on the TD Sequential indicator, which he noted “has proven remarkably precise in predicting SHIB’s price movements.
While the previous prediction seemed more like hopium, the SHIB community will no doubt be confident in this recent one being actualized, considering the meme coin’s parabolic run as of late.
SHIB’s recent surge has also sparked optimism that it could surpass Dogecoin (DOGE) as the most valuable meme coin. DOGE and SHIB are currently going head-to head, ranking as the ninth and tenth largest crypto tokens by market cap. Interestingly, SHIB has outperformed DOGE since the beginning of 2024, boasting a year-to-date (YTD) gain of over 200% compared to the latter’s 82% gain.
The Shiba Inu Ecosystem Is Getting Stronger
The Shiba Inu team has continued to intensify their efforts to build a solid ecosystem for the meme coin. These efforts are already visible as they have significantly increased SHIB’s adoption. Recently, NewsBTC reported that the crypto token had seen a 2,000% increase in its new daily addresses.
Furthermore, Shiba Inu’s lead developer, Shytoshi Kusama, recently announced the launch of the SHIB name service. This initiative forms part of the ecosystem’s roadmap to revolutionize the internet and build a decentralized state. The team also aims to onboard more users into the SHIB ecosystem through this.
Meanwhile, the burn initiative is still in full force as the community has drastically intensified its efforts to reduce SHIB’s circulating supply. Shiba Inu’s Marketing lead, Lucie, announced they had secured 40 ETH ($157,000) to carry out more SHIB burns, which could amount to about 4.6 billion SHIB tokens being burnt.
At the time of writing, SHIB is trading at around $0.00003401, down almost 3% in the last 24 hours, according to data from CoinMarketCap.
SHIB price at $0.000033 | Source: SHIBUSD on Tradingview.com
Featured image from BeInCrypto, chart from Tradingview.com
