Crypto-currency analyst Ali Martinez Spotted a chart pattern for the second largest crypto currency on the topic of dog memesShiba Inu.
He notes that Shiba Inu appears to be emerging from a bullish pennant and predicts that if SHIB continues to trade above $0.011, it could reach $0.017. This represents an increase of nearly 54% from the current price.
#ShibaInu appears to be breaking out of a bull pennant. If $SHIB continues to trade above $0.011, it could run towards $0.017. #SHIB pic.twitter.com/O9RCY4RsXj
– Ali (@ali_charts) February 2, 2023
A technical trading configuration, called “bullish flag“, suggests that a significant upward price movement may soon continue.
It usually appears when price makes a significant advance to the upside, pauses, and then consolidates within delineated support and resistance lines. At the time of writing, SHIB was up 6% over the past 24 hours at $0.0000125. Shiba Inu’s consolidation near the $0.000011 to $0.000012 area remains significant.
In August 2022, the $0.000012 range acted as a trigger for Shiba Inu’s price, sending the dog-themed crypto-currency up 42% in a single day when its price reached the $0.000018 level.
After Shiba Inu rebounded from its low of $0.0000112 on January 30, its price has been steadily rising. A close in the green today would mark the fourth consecutive day of gains for SHIB.
Shiba Inu prices hit highs of $0.0000129 on February 3, but the bulls couldn’t maintain the pace and the bears mounted an attack. A break of this key barrier could target $0.000136 before $0.0000151. If the breakout continues, the bulls could attempt to reach the $0.0000179 level.
On the other hand, strong support seems to be building at $0.0000108 in case the price pulls back.
Shiba Inu trading volume jumps 1,233% on BitPay.
BitPay, a crypto-currency payment processor, reported an increase in crypto-currency payments in 2022.
While bitcoin was the top performing coin by volume in 2022, SHIB sales increased by 1,233% in 2022, with several companies announcing acceptance of SHIB payments.
One of the world’s largest movie chains, AMC Theatres, announced acceptance of Dogecoin and Shiba Inu payments for online movie tickets last year.