- Shiba Inu’s remarkable growth and resilience have solidified its position within the top ten cryptocurrencies, backed by a significant increase in trading volume and market value.
- Analyst Ali Martinez highlights a potential bullish breakout for SHIB, with a critical resistance level at $0.000038, paving the way for significant gains if sustained.
Shiba Inu (SHIB) has recently cemented its position within the top ten cryptocurrencies by market cap, sparking widespread discussions among crypto enthusiasts and investors alike. This meme coin, known for its vibrant community and dog-themed branding, has shown remarkable resilience and growth, catapulting it into the limelight of the crypto world.
SHIB U-Turn: Rekt Capital’s Bullish Prediction and Market Rise
Market analyst Rekt Capital has forecasted a promising future for SHIB, suggesting that the coin is on the verge of completing a macro U-shaped reversal following an impressive 200% increase that pushed its value to the $0.00003 mark, that means a 500% surge with its latest predictions.
Reaches the blue resistance already
SHIB is up +300% from the initial post
Over time, SHIB is likely going to complete its Macro U-Shaped Reversal#ShibaInu #Crypto #BTC https://t.co/5DTAFOrROe pic.twitter.com/eqMlnjeq7r
— Rekt Capital (@rektcapital) March 4, 2024
This prediction comes on the heels of Shiba Inu’s remarkable ascent from the 18th to the 10th largest cryptocurrency, buoyed by a market cap that soared to $5.6 billion.
Despite a slight retreat to the 11th position, SHIB’s momentum remains strong, boasting a 226% gain over the past week, with its price reaching $0.000033 at the time of writing, according to CoinGecko.
This performance underscores Shiba Inu’s growing stature in the crypto market, now standing as the second-largest meme coin with a market value of $19.7 billion.
Surging Trading Volume and Market Dominance
The surge in Shiba Inu’s market presence is further evidenced by its explosive trading volume, which recently surpassed the $20 billion threshold.
This remarkable achievement has allowed SHIB to outpace other leading cryptocurrencies, including Dogecoin (DOGE), Solana (SOL), Binance Coin (BNB), and XRP, highlighting its growing acceptance and use among investors.
Potential Breakout on the Horizon
Adding to the excitement around SHIB’s potential, popular analyst Ali Martinez has shed light on an emerging pattern in the coin’s trading behavior. According to Martinez, SHIB is forming a symmetrical triangle on the 4-hour chart, indicating a possible bullish breakout.
#ShibaInu forms a symmetrical triangle on the 4-hour chart. A sustained close above the $0.000038 resistance could trigger a 40% bullish breakout, pushing $SHIB toward $0.000052.
Watch out for $0.000033 since losing this support level will invalidate the bullish outlook. pic.twitter.com/mr01I6xIry
— Ali (@ali_charts) March 9, 2024
However, he cautioned investors to watch the $0.000033 support level closely, as falling below this threshold could negate the bullish outlook.
The SHIB Army, as the coin’s dedicated community is known, continues to rally behind Shiba Inu, playing a crucial role in its adoption and market penetration.
Their recent calls for a SHIB exchange-traded fund (ETF) by leading asset management firm Grayscale are testament to their unwavering support and belief in the coin’s potential, as ETHNews had earlier detailed.
At the time of writing, the price of SHIB had fallen 1.27% in the last 24 hours, fell to price of $0.00003478. But, this represents an increase of 29.54% over the past 7 days.