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HomeCrypto NewsMarketTop Analyst Predicts Shiba Inu 294% Rise to $0.00007, Unveils SHIB Entry Price

Top Analyst Predicts Shiba Inu 294% Rise to $0.00007, Unveils SHIB Entry Price

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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.

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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.

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.

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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. 

Shiba Inu Address Profitability IntoTheBlock
Shiba Inu Address Profitability | IntoTheBlock

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.

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.

Author

Sam Wisdom Raphael
Sam Wisdom Raphael
Sam Wisdom Raphael is a seasoned crypto news writer and journalist with 5 years of experience covering blockchain, DeFi, and crypto developments. Sam's active presence in the crypto community complements his deep understanding of the crypto space, allowing him to craft comprehensible price analysis reports and tackle technical blockchain concepts.

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