This Meme Coin Trader Updates His Shiba Inu (SHIB) Price Prediction

As Bitcoin continues to surge to new all-time highs, meme coins are facing a cooling-off period. This week hasn’t seen the same meme coin momentum

Cryptocurrency meme coins have taken a backseat in recent weeks as Bitcoin price surges to new all-time highs. However, traders are still keeping an eye on meme coins, waiting for their next big move.

One of the most popular meme coins is Shiba Inu (SHIB). The SHIB price has seen a seven-day drop of 6.7%, bringing the price down to $0.000024 at the time of writing. This price is still up 235% from where it was at the start of the year.

If you’re wondering where the SHIB price could go next, one crypto trader has an idea. Elite crypto trader Ali Martinez has updated his SHIB price prediction, and his analysis suggests that SHIB could be headed for a seven-fold increase.

Let’s take a look at Martinez’s analysis and see where he thinks the SHIB price is headed.

Shiba Inu price analysis: what’s next for SHIB?

According to Martinez, the SHIB price is currently forming a symmetrical triangle on the chart. This technical formation usually indicates a period of market indecision, which often precedes a breakout.

The compression of the triangle is getting smaller, which suggests that a breakout is imminent. If the price breaks above the upper resistance level, which is around $0.000025, the potential upside could see the price moving towards $0.000037.

This projection is based on measuring the height of the preceding price rally and adding it to the breakout point.

If the price breaks below the lower support level, which is around $0.000023, the potential downside could see the price dropping towards $0.000017.

Key support levels to watch are $0.00002300 and $0.00002000, while resistance zones are identified at $0.00002500 and $0.00003000.

The critical factor in confirming any potential breakout will be trading volume. A significant volume spike would provide additional validation to the technical pattern.

Other than that, positive meme coin momentum would favor SHIB as well.

For those who are new to cryptocurrency, a meme coin is a digital currency that is inspired by memes or viral internet jokes. These coins often have a low value and a high supply, and they are usually created for fun or as a way to poke fun at the cryptocurrency market.

However, some meme coins have gone on to achieve surprising success, with some even entering the top 100 cryptocurrencies by market cap. Shiba Inu is one of the most successful meme coins, and it is currently ranked as the 30th largest cryptocurrency in the world.

If you’re interested in learning more about meme coins, check out our article on the best meme coins to buy in 2023.