As Bitcoin continues to surge to new all-time highs, meme coins are facing a cooling-off period. This week hasn’t seen the same meme coin momentum we’ve witnessed previously, with most liquidity currently concentrated around Bitcoin.
However, if this bull run has taught us anything, it’s that meme coins will eventually have their moment in the spotlight.
Elite crypto trader Ali Martinez has just updated his SHIB price forecast. Let’s see where is the SHIB price headed based on his analysis.
Where is the Shiba Inu (SHIB) price headed next?
The current market dynamics for Shiba Inu present an interesting technical setup. SHIB is showing signs of consolidation, trading at $0.0000241, with a slight hourly increase of 0.84% despite being down 7% for the week.
Traders are closely watching a symmetrical triangle formation on the chart, which typically indicates a period of market indecision before a potential breakout. The compression of this triangle suggests an imminent price movement in the near future.
If the SHIB price breaks above the upper resistance level of approximately $0.000025, the potential upside could see the price moving towards $0.000037. This projection is based on measuring the height of the preceding price rally.
Key support levels to watch include $0.00002300 and $0.00002000, while resistance zones are identified at $0.00002500 and $0.00003000.
The critical factor in confirming any potential breakout will be trading volume. A significant volume spike would provide additional validation to the technical pattern. Other than that, positive meme coin momentum would favor SHIB as well.
Read also: BONK Price Pumps Following Major Exchange Listing – Leading Solana Meme Coin?
Traders should monitor the price action on the SHIB chart carefully. A break above the resistance could signal a bullish trend, while a drop below $0.000023 might indicate a bearish continuation.
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