Crypto analyst Ali Martinez has spotted a chart pattern for the second largest dog-themed cryptocurrency, Shiba Inu.
He notes that Shiba Inu appears to be breaking out of a bullish pennant and predicts that if SHIB continues to trade above $0.011, it could run toward $0.017. This represents a nearly 54% increase 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 pattern, called a "bullish pennant," suggests that significant upward price movement might soon continue.
It typically emerges when the price makes a significant upward advance, pauses and then consolidates within bounded support and resistance lines. At the time of writing, SHIB was up 6% in the last 24 hours at $0.0000125. Shiba Inu's consolidation near the $0.000011 to $0.000012 range remains significant.
In August 2022, the $0.000012 range acted as a trigger for Shiba Inu's price, causing the dog-themed cryptocurrency to soar 42% in a single day when its price rose near the $0.000018 level.
After Shiba Inu rebounded from Jan. 30 lows of $0.0000112, its price has been on a steady rise. A close in the green today would mark SHIB's fourth straight day of gains.
Shiba Inu prices reached highs of $0.0000129 on Feb. 3, but bulls could not sustain the tempo as bears mounted an attack. A break in this key barrier could target $0.000136 before $0.0000151. If the breakout continues, the bulls may attempt the $0.0000179 level next.
On the other hand, strong support seems to be building at $0.0000108 in the event the price retreats.
Shiba Inu transaction volume jumps 1,233% on BitPay
BitPay, a cryptocurrency payment processor, reported an increase in crypto payments in 2022.
While Bitcoin was the top-performing coin by volume in 2022, SHIB sales grew by 1,233% in 2022 as several companies announced the acceptance of SHIB payments.
One of the world's largest movie chains, AMC Theatres, announced the acceptance of Dogecoin and Shiba Inu payments for movie tickets online in the past year.