As a seasoned researcher with a knack for deciphering market trends and patterns, I find myself intrigued by the current state of Shiba Inu (SHIB). Having closely followed its trajectory since its inception, I must admit that this meme coin has shown an uncanny ability to surprise.
TL:DR;
- Shiba Inu’s largest native token is among those that failed to produce a new all-time high in the current cycle and even plummeted hard since December 8’s peak.
- However, some technical indicators are now suggesting that the asset’s real breakthrough could be just around the corner.
Similarly to other market players, the second most prominent meme coin struggled prior to the U.S. elections, as its value remained stagnant within a narrow band of approximately $0.000014 to $0.00002 for several weeks.
After Trump’s victory and subsequent dust settling, Shiba Inu (SHIB) also saw a significant increase, reaching a multi-month high of approximately 0.0003. Following a brief dip, the asset regained momentum at the start of the current month, leading to a surge on December 8, peaking at $0.0000335 – its highest point since March this year.
Despite initially showing promising progress, Shiba Inu (SHIB) failed to sustain its advance and instead plunged into unexplored territories in the subsequent weeks. The steepest price decline occurred post the US Federal Open Market Committee (FOMC) meeting, coinciding with a broader market crash. During this period, SHIB dropped drastically to $0.0000185, which represented a significant 44% fall within just under two weeks.
The value of this asset has bounced back somewhat, currently hovering at approximately 0.000023 cents. Notably, crypto analyst Ali Martinez’s data suggests it has issued a buy signal. He anticipates a potential rise to $0.000029, which would equate to a 25% growth from the current point and a 55% upswing from the December 8 low.
Based on the TD Sequential indicator, it’s signaling a potential buy opportunity in Shiba Inu ($SHIB) on the daily chart, suggesting a possible price increase towards approximately $0.000026 or potentially as high as $0.000029!
— Ali (@ali_charts) December 24, 2024
Martinez made his forecast using the TD Sequential, a tool that helps identify when the market might be running out of steam, whether it’s rising or falling. Notably, this same indicator marked the low points for both DOGE and BTC not long ago. Consequently, the buy signals for these assets have led to bitcoin‘s price increasing by more than 3%, while DOGE has surged over 6% in a short period of time.
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2024-12-25 11:04