Ali Martinez, one of the most well-known analysts in the cryptocurrency world, evaluated Shiba Inu (SHIB) in his latest analysis.
According to the analyst, SHIB has started to form a symmetrical triangle formation on its 4-hour chart. Martinez claimed that if there is a sustainable close above $0.000038, a 40% bullish rally could occur and the SHIB price could climb towards $0.000052.
At the time of writing this article, SHIB price is trading at $0.00003511 and has increased by 286% in the last month.
However, the analyst also warned that the bull scenario he mentioned above will be invalid if the SHIB price falls below $0.000033.
Recently, memecoins have maintained their place on the agenda with their rise. While the original memecoin Dogecoin has increased by 124% in the last month, WIF, one of the DOGE imitation cryptocurrencies, has increased by an impressive 757% and has become the 59th largest cryptocurrency. However, these coins do not have any intrinsic value and the rise in their prices is due to speculation.
*This is not investment advice.