The emergence of a new bullish pattern on the 4-hour Shiba Inu chart puts the cryptocurrency on course to hit $0.000052, according to an experienced analyst.
The past month of gains has erased some of the painful memories that Shiba Inu investors faced in the grueling bear market. However, if recent predictions by experienced analyst Ali Martinez come through, there may still be further profits.
As the price of Shiba Inu consolidates between the $0.000029 and $0.000035 range to form a symmetrical triangle, Ali Martinez has shared a new prediction backing SHIB to go as high as $0.000052 if certain conditions are met.
#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
The first condition is that Shiba Inu persistently closes multiple 4-hour candles above the $0.000038 resistance. The analyst predicts that once this condition is met, the price of Shiba Inu could rise to $0.000052, evidently in the short term.
The second condition is that Shiba Inu continues to trade above the $0.000033 support. Ali Martinez adds that losing this support will result in an invalidation of the bullish outlook, possibly sending Shiba Inu prices even lower.
At the time of writing, the charts show that Shiba Inu has kept the second condition, having hedged against any drops below the crucial support point.
Nonetheless, it is yet to satisfy the first condition, which involves closing well above $0.000038. Shiba Inu investors might be keen to watch out for price action at that range, which might be a signal that higher prices are on the horizon.
Shiba Inu Gets Off to a Good Start In New Week
Shiba Inu’s chances of achieving a close above $0.000038 have gotten a boost at the start of the new week. Buoyed by Bitcoin’s recent break above $70,000, SHIB has seen gains of its own, trading around $0.000034 at the time of writing.
Shiba Inu bulls will hope to capitalize on this fine start to surpass the recently set highs around $0.000045. A stint above that range will set the tone for a continued uptrend and perhaps a trip back to all-time highs.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
