Shiba Inu meme coin is showing signs of a potential breakout, according to respected analyst Ali. If Shiba Inu can maintain the recently established support level at $0.0000103, there could be a potential spike to $0.0000140, representing a rally of over 30% from the support level.
Ali’s technical analysis suggests that the multiple tests of support around $0.0000103 have increased its robustness as a price floor. As long as dips continue to be bought and solid buying volume comes in at that level, it indicates strong momentum to maintain support.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Another factor contributing to the bullish case for Shiba Inu is the accelerated burning of SHIB tokens. Token burns permanently remove coins from circulation, reducing the total supply. With demand remaining strong and supply shrinking, basic economics suggests that prices may rise as a result.
The combination of solid technical support and intensifying token burn momentum has generated enthusiastic interest in Shiba Inu, leading to a nearly 20% increase in prices in the last 30 days.
However, Ali suggests that even greater gains may be on the horizon if the strong support around $0.0000103 is maintained. Holding this floor is crucial to prevent deteriorating momentum and unlock the potential for 30% higher prices. If the technical floor is validated, it could further fuel the excitement around Shiba Inu and potentially lead to a surge in prices. Investors are advised to closely monitor if pivot points are maintained or breached, as this could indicate the arrival of a surge in the near future.
You may also be interested in:
- Solana On-Chain Metrics Flash Bullish Signals as SOL Network Outpaces Rivals Ethereum and Arbitrum
- Largest Ethereum Whales Go on ‘Buying Spree’ – Here’s How Much ETH They Bought
- The Buzzworthy Presale: Could This New Cryptocurrency Rival Shiba Inu’s Success?
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
