A top technical analyst argues Shiba Inu is poised for a potential surge to $0.000014, a level not seen in over ten months.
Early this month, Shiba Inu (SHIB) eliminated a decimal point and broke into the $0.00001 range after about 120 days of trading at the lower zone. However, this achievement has been met with some volatility as Shiba Inu has barely maintained the zone. Specifically, SHIB has dipped to a low of $0.000009212 since reclaiming $0.00001.
Nonetheless, renowned crypto chartist Ali Martinez has proclaimed that Shiba Inu is getting set for a surge to $0.000014, a price point that SHIB investors last witnessed over 300 days ago.
Shiba Inu Set for $0.000014
In a recent tweet, Ali Martinez shared insights on Shiba Inu’s trading patterns for the past 14 months. According to Martinez, Shiba Inu has been navigating a descending parallel channel since September 2022. He posted SHIB’s market chart to illustrate the pattern.
Shiba Inu chart | <span style=font weight 400>Martinez<span>
The analyst noted that Shiba Inu is now on a critical resistance level, situated at the upper boundary of its longstanding descending pattern, approximately at $0.000011. He mentioned that SHIB is testing this resistance, which currently acts as a ceiling.
Meanwhile, Martinez emphasized that a significant development could unfold with a decisive weekly close above this resistance point. Specifically, he argued that a close above $0.000011 could signal a bullish breakout for Shiba Inu.
According to the analyst, such an outcome holds the potential to propel SHIB towards $0.000014. However, Martinez cautioned that a rejection at this level could lead to a retracement. He noted the possibility of a pullback to $0.000008 before any bullish breakout occurs.
Market statistics from CoinMarketCap indicated that Shiba Inu last hit $0.000014 in February. In other words, SHIB could be breaking a ten-month high in the coming weeks, where Martinez’s forecast holds.
Besides, CoinMarketCap data shows Shiba Inu touched a high of $0.00001018 in the last 24 hours and a low of $0.000009783. With SHIB’s market value hovering around $0.000009895, the digital asset merely needs a 41.47% growth to reclaim the ten-month high.
