Shiba Inu Could See A 53% Surge If This Resistance Breaks, Analyst Explains

Name	Symbol	Market	Market Cap ($)	Algorithm
Cardano	ADAUSD	Crypto	39,625,370,567	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Cardano

ADAUSD

Crypto

39,625,370,567

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.030	2.78%	1.11	1.11	1.11

Price Change

Price Change %

Current Price

Bid Price

Offer

0.030

2.78%

1.11

High Price	Low Price	Open Price	Prev. Close	52 Week Range
1.15	1.05	1.07	1.08	0.275966 - 1.16

High Price

Low Price

Open Price

Prev. Close

52 Week Range

1.15

1.05

1.07

1.08

0.275966 - 1.16

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	09:30:52	141.46	1.11	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

09:30:52

141.46

1.11

USD

Price x Volume	Volume	Base Symbol	Related Pairs
56,860,217.94	51,738,783.10	ADA	ADAEUR	ADAGBP	ADABTC

Price x Volume

Volume

Base Symbol

Related Pairs

56,860,217.94

51,738,783.10

Shiba Inu Could See A 53% Surge If This Resistance Breaks, Analyst Explains

22/11/2024 7:30am

NEWSBTC

An analyst has explained how Shiba Inu could kickstart a new rally to this price target if it can break through the $0.000025 resistance level. Shiba Inu Is Currently Trying To Break Past The $0.000025 Resistance In a new post on X, analyst Ali Martinez has discussed a pattern that has been forming in the SHIB price recently. Below is the chart shared by the analyst that depicts the technical analysis (TA) pattern in question. As is visible in the graph, Shiba Inu has been consolidating inside a bull pennant recently. A pennant is a pattern that consists of three parts: a pole, a triangular consolidation channel, and the succeeding breakout. The ‘pole’ is made up of an initial sharp uptrend or downtrend in the coin’s price. In the context of the current topic, a bull pennant is of relevance, so the pole corresponds to the former type of trend. Related Reading: XRP Binance Inflows Spike: What It Means For Price The consolidation channel that succeeds the pole (the region that’s actually the ‘pennant’) has the asset move back and forth between two converging trendlines. The upper level of the channel generally provides resistance, while the lower one supports. A break out of either of these lines can imply a continuation of trend in that direction. The likelihood of a breakout taking place naturally goes up the closer the asset gets to the apex of the pattern. From the chart, it’s apparent that Shiba Inu has been closing in on the converging point of this bull pennant recently, implying that a break could take place soon. In the scenario that this breakout happens towards the upside, it’s possible that the resulting uptrend would last for a similar length as the pole. If so, SHIB would rise to the $0.000037 mark. Such a rally would imply an increase of more than 53% from the current price of the meme coin. However, Shiba Inu must clear one major obstacle for the run to occur: the $0.000025 level. Not only does this level roughly coincide with the upper line of the pennant, it also hosts a major on-chain demand zone. As Martinez has pointed out in another X post, around 40,000 addresses purchased a total of 54.6 trillion tokens of the asset around an average price of $0.000025. Investors who bought their coins around this level would naturally be holding them at a loss right now. As such, it’s possible that when the SHIB price retests this level, some of these holders will decide to sell, fearing that their holdings will dip into loss again in the future. Related Reading: Cardano Outperforms Market With 50% Surge: Here’s Why This potential selling can increase the resistance that Shiba Inu would encounter when trying to break past this mark. SHIB Price At the time of writing, Shiba Inu is trading around $0.000024, down almost 4% over the last week. Featured image from Dall-E, IntoTheBlock.com, charts from TradingView.com

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