In the midst of the cryptocurrency market’s recent turmoil, which has seen significant drops in most assets, the second largest memecoin, Shiba Inu (SHIB), is indicating that a price increase may be on the horizon. Noted cryptocurrency analyst Ali Martinez has conducted an analysis based on the memecoin’s recent movements, suggesting that Shiba Inu is on the verge of a bullish breakout.
According to Martinez, the SHIB cryptocurrency has the potential to experience a bullish breakout that would propel its price to an impressive $0.000072323. “Shiba Inu appears to be forming a bull flag on the daily chart! I am placing buy orders around $0.000018343, targeting a bullish breakout that sends $SHIB to $0.000072323,” he stated.
The meme cryptocurrency Shiba Inu (SHIB) has witnessed a significant decline in its price over the past day. At the time of writing, the price of Shiba Inu stood at $0.00002135, reflecting a 4.7% drop in the last 24 hours. In the span of a week, the memecoin has experienced an impressive price pullback of 22.3%.
Data from the SHIB network suggests that actions taken by short-term traders may have contributed to the recent decline in cryptocurrency prices. Shiba Inu has been attempting to stabilize its price since last month, but the memecoin’s price has dropped by 26.3% over the past 30 days.
Lucie, the key strategist on the Shiba Inu team, maintains an optimistic outlook for the future of the SHIB token amidst the cryptocurrency market’s turbulence. Even in the face of the recent market decline, Lucie emphasizes that Shiba Inu is poised for a supercycle, with Bitcoin’s influence on the crypto ecosystem playing a significant role.
In her latest analysis, Lucie projected Bitcoin’s trajectory from 2015 to 2024, identifying critical phases that include a market bottom, a reaccumulation phase, and an upward cycle. “This pattern is ongoing, and we anticipate that the settlement and reaccumulation phases will drive a widespread rise,” Lucie explained. The forecast suggests that Bitcoin’s next bull cycle will commence between 2024 and 2025, following the reaccumulation phase in 2023, indicating a promising future for SHIB.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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