Top crypto analyst Ali Martinez recently revealed an attractive Shiba Inu entry price amid the ongoing market collapse, projecting a 294% rise to $0.00007 as SHIB forms a bull flag on the daily chart.
The market downturn escalated further today amid reports of the sentencing of Binance founder and former CEO Changpeng Zhao. For context, a U.S. court slapped a 4-month jail term on Zhao for his role in permitting the use of Binance for violations of anti-money laundering protocols.
Shortly after the sentencing, the broader crypto market, which was already in a downtrend, suffered a bigger blow, with Bitcoin (BTC) collapsing below $58,000 today for the first time in two months. Shiba Inu has followed this downward path as well, recently falling to an 18-day low of $0.00002057 today.
Shiba Inu Forms Bull Flag
Despite a slight recovery from this drop, SHIB remains in the red along with the rest of the market, down 21% over the past week and trading below the 20-day EMA at $0.00002462. Amid the downward momentum, Martinez recently confirmed that Shiba Inu is forming a bull flag on the daily chart.
#ShibaInu appears to be forming a bull flag on the daily chart! I'm placing buy orders around $0.000018343, aiming for a bullish breakout that sends $SHIB to $0.000072323.
So, if you want to join me in this trade, head to @coinexcom and sign up using my referral link… pic.twitter.com/er1gE0lozV
— Ali (@ali_charts) May 1, 2024
A Projected 295% Upsurge
This bull flag, which signals a looming continuation of the late February uptrend, formed as Shiba Inu dropped from $0.000045 on March 5 and faced a bearish consolidation, which has persisted until now. Martinez expects the downward push to continue until SHIB drops to the April 13 low of $0.0000183.
However, the analyst sees this low as the springboard that could help propel Shiba Inu above the bull flag, setting $0.0000183 as his entry point. Martinez believes SHIB could record a massive uptrend once a breakout above the bull flag occurs, eyeing the $0.00007232 price as the ultimate target.
Notably, Shiba Inu would need to skyrocket by 295% from the $0.0000183 low to clinch the $0.00007232 value, marking impressive returns for investors. Nonetheless, SHIB would need to conquer several resistance levels, including the pivotal $0.00002751, which aligns with the Fibonacci retracement 0.5 level.
This price level represents one of Shiba Inu’s most substantial roadblocks. IntoTheBlock data reveals that Shiba Inu is likely to face massive resistance between $0.000025 and $0.000030, marking a territory where 136,680 addresses hold 101.4 trillion SHIB.
A break above this level would bring the $0.00003182 resistance into play, with the subsequent $0.00003795 territory serving as the last roadblock below the March 5 high at $0.000045. Meanwhile, Shiba Inu currently trades for $0.00002142, firmly defending the $0.00002 territory.
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