A crypto analyst predicts a potential 20% upswing for SHIB if it breaches a crucial resistance level at $0.00002444.
SHIB saw a significant 5.56% surge in capitalization, reaching $52.94 billion, with trading volumes for meme-inspired tokens increasing by over 118%.
A resurgence of interest in meme coins like SHIB adds to market enthusiasm and speculation.
Shiba Inu (SHIB) enthusiasts are eagerly eyeing a potential surge, as highlighted by renowned crypto analyst Ali Martinez.
If #ShibaInu breaks the upper boundary of this descending parallel channel at $0.00002444, $SHIB could witness a 20% upswing to $0.00002954! pic.twitter.com/z5qBKiiyNy
— Ali (@ali_charts) May 13, 2024
Martinez’s latest analysis has set the stage for optimism, suggesting a bullish trajectory for SHIB should it breach the upper boundary of a descending parallel channel positioned at $0.00002444. If this crucial resistance level is surpassed, Martinez predicts a notable 20% upswing, potentially propelling SHIB to $0.00002954.
Today’s cryptocurrency market paints a picture of heightened activity, particularly within the realm of meme-based digital assets. CoinMarketCap data reveals a significant uptick in the meme cryptocurrency sector, boasting a remarkable 5.56% surge in capitalization, totaling an impressive $52.94 billion. Notably, trading volumes for meme-inspired tokens have soared by over 118%, indicating a surge in interest and engagement within this niche market.
Leading the charge alongside SHIB are other meme coins such as Pepe Coin (PEPE) and Dogecoin (DOGE), contributing to the overall momentum in the meme coin arena. This resurgence in meme coin activity coincides with the return of a familiar figure to the financial stage—Keith “Roaring Kitty” Gill.
Gill, renowned for his involvement in the GameStop (GME) stock short-squeeze saga of 2021, has once again emerged as a prominent figure in financial discourse. His reemergence has sparked discussions and potentially influenced market sentiment, reminiscent of his previous impact on retail investors during the GameStop saga. Should SHIB overcome the resistance level as indicated, it could signify a significant bullish trend for the SHIB community, potentially reshaping its trajectory in the near future.
Read also:
Shiba Inu Breaks Resistance Levels: What’s Next for the Meme Coin?
Shiba Inu Poised for Rally If This Key Resistance Is Conquered
Shiba Inu’s Support and Resistance Levels Dictate Future Moves
Shiba Inu Could Soar 3000%, Says Top Crypto Analyst
Shiba Inu Key Levels Signal Potential Surge: Can It Maintain Momentum?
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