Meme-based cryptocurrencies have experienced significant gains in the past 24 hours. In a surprising turn of events that has garnered market attention, the price of Shiba Inu (SHIB), a popular memecoin, has seen a sudden surge. This rise can be attributed to the growing popularity of memecoins in the market, as observed on May 14th.
Ali Martinez, a renowned cryptocurrency analyst, recently conducted a technical analysis on Shiba Inu (SHIB) and identified the key factors needed for the coin to enter an upward rally that could potentially increase its price by 20%. According to Martinez, it is crucial for SHIB to surpass the upper limit of the descending parallel channel, which is currently set at $0.00002444, in order to initiate the rally.
In a tweet, Martinez wrote, “If Shiba Inu breaks the upper boundary of this descending parallel channel at $0.00002444, $SHIB could witness a 20% rally to $0.00002954!” This statement highlights the potential for significant growth if SHIB can overcome this important resistance level.
As of now, the price of Shiba Inu (SHIB) stands at $0.00002414, reflecting a 3.6% increase in the last 24 hours. During this period, the meme cryptocurrency has recorded a trading volume of $881,077,833.
It is important to note that memecoins, including Shiba Inu, have experienced notable increases in the past day. This surge can be attributed to posts made by retail trader Keith Gill, who gained fame for his involvement in the GameStop short squeeze in 2021. Gill’s recent posts have reignited interest in the meme market and caused a surge in token prices.
In the midst of the volatile cryptocurrency market, Shiba Inu (SHIB), the second-largest memecoin, is showing signs of an imminent price increase. Renowned cryptocurrency analyst Ali Martinez has conducted an analysis based on the recent movements of SHIB and suggests that a bullish breakout may be on the horizon.
According to Martinez, SHIB has the potential to achieve a bullish breakout that could propel its price to an impressive $0.000072323.
It is important to note that the views and opinions expressed in this article, including those of the author and individuals mentioned, are for informational purposes only and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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