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SHIB price analysis: Shiba Inu nears bull pennant breakout

SHIB price analysis: Shiba Inu nears bull pennant breakout
Paul L.

The price of Shiba Inu (SHIB) has been trending upward in recent days, gaining by as much as over 50% from the start of the year. Indeed, technical indicators hint at a possible price rally extension if the asset manages to hold key positions in the coming days. 

Given SHIB’s positive gains, crypto trading expert Ali Martinez has suggested that the meme cryptocurrency is currently bracing for a bull pennant break out that positions the asset to target the level of $0.017.

“Shiba Inu appears to be breaking out of a bull pennant. If SHIB continues to trade above $0.011, it could run toward $0.017,” Martinez said. 

Shiba Inu price chart analysis. Source: TradingView

It is worth noting that a bullish pennant chart pattern highlights an impending continuation of a strong upward price move. The pattern considered a bullish indicator is formed in the wake of an extensive upward movement that ends up pausing and consolidating between converging support and resistance lines.

Shiba Inu price analysis

At the moment, SHIB has not indicated signs of cooling down from its bullish momentum that aligns with the overall cryptocurrency market. At the moment, SHIB is trading at $0.0000125, having rallied almost 4% in the last 24 hours. On the weekly chart, the meme token is up over 8%. 

Shiba Inu seven-day price chart. Source: Finbold

Considering the analysis by Martinez and the asset’s current price, SHIB’s current crucial support zone stands at $0.0000120, which is a cushion against a possible further drop. The asset faces resistance at $0.000013. 

From a technical analysis perspective, Shiba Inu is dominated by bullish sentiments. A summary of the daily gauges stands at ‘buy’ at 15, with moving averages recommending the ‘strong buy’ sentiment at 14. On the other hand, oscillators are going for neutral at ‘9’. 

Shiba Inu technical analysis. Source: TradingView

Shiba Inu fundamentals 

Indeed, Shiba Inu’s potential to rally towards the $0.017 price level remains viable, considering that network development activities and influence from the general market currently back the token. 

For instance, SHIB will likely benefit from the hype surrounding the upcoming Shibarium layer-2 solution. As the community awaits the rollout of the upgrade, Shytoshi Kusama, the lead developer of Shiba Inu, recently hinted about the possible release of the network update. 

At the same time, SHIB could benefit from an uptick in events around utilizing the digital asset in other use cases, such as payments and the continued burning of tokens.

Meanwhile, other technical indicators based on the machine learning algorithm at PricePredictions project the joke token is in line to hold price gains to trade at $0.000012 on February 28, 2023.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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