'Dogecoin Killer' Shiba Inu Positioned For Major Bullish Breakout, Says Prominent Crypto Analyst — But It Can Go The Other Way Round Too

Prominent cryptocurrency analyst Ali Martinez foresees a major bullish breakout on the horizon for the self-proclaimed “Dogecoin DOGE/USD killer” Shiba Inu token SHIB/USD, but he also pointed out what will happen in case it “faces rejection.”

What Happened: On Friday, Martinez, a well-regarded crypto analyst, took to X (formerly Twitter) and said from September 2022 onwards, Shiba Inu has been transacting within a downward parallel channel.

He went on to say that SHIB is teetering on the edge of a bullish breakout, with a noteworthy twist. Martinez said, “Currently, $SHIB is testing a crucial resistance at the upper boundary of this pattern, around $0.000011.”

According to the analyst, a decisive weekly close above this level could potentially pave the way for a bullish rally toward the $0.000014 mark. On the flip side, a rejection at this juncture could result in a short-term drawback, with a possible pullback to $0.000008 before the anticipated bullish breakout.

Why It Matters: Last week, the Shiba Inu token witnessed an increase of more than 800%, resulting in the removal of 10 million SHIB from circulation. This uptick in the burn rate was largely due to a major transaction that incinerated over 10 million SHIB tokens.

Earlier this week, Shiba Inu outperformed its meme coin rivals like Dogecoin and Pepe PEPE/USD. At the time, cryptocurrency analyst Alan Santana suggested a potential pattern in Shiba Inu’s price movement, predicting sustained long-term growth.

Price Action: At the time of writing, SHIB was trading at $0.000010, down 0.47% in the last 24 hours, according to Benzinga Pro.

This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo by Furkan Cubuk on Shutterstock

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