According to U.Today, Shiba Inu (SHIB) is currently on the brink, with several key indicators suggesting a potential sell-off. However, prominent market analyst Ali Martinez has forecasted an interesting trend for the meme coin. According to his recent analysis, SHIB may be preparing for a bullish reversal.
Ali Martinez noted that Shiba Inu is showing a bull flag trend on the daily chart. A bull flag formation is a continuation pattern that occurs between two significant price spikes separated by a short consolidation period. Shiba Inu broke its bearish deadlock earlier this year when its price skyrocketed to $0.000036 in March. However, the Shiba Inu trend has succumbed to the pressure of wider market uncertainty. The impact of the spot Bitcoin ETF losing its inflow momentum has been felt by altcoins, including Shiba Inu.
With the bull flag formation, Martinez suggested a heightened sentiment. He disclosed plans to place a buy order on the token at $0.000018343, targeting a bullish breakout that propels $SHIB to $0.000072323.
Currently, Shiba Inu is trading at $0.00002108, down by 8.71% in 24 hours and by over 22% in the past week. Despite this, it has remained high in the year-to-date (YTD) period, rising by 11%. The current bearish market trend has shifted the project’s focus from ranking in the top 10 to mere survival. Despite a 500% surge in Shiba Inu transaction fees, the outlook for SHIB has remained unchanged, with investors generally opting for safer bets.
Despite Shibarium serving as a significant utility and demand anchor, members of the Shiba Inu community are not losing hope in the possibility of an imminent revival. Martinez’s charts also serve as a sentiment booster that could influence prices overall.
