Shiba Inu Prints Rare Bullish Signal, Eyes This Price Target
January 31 2024 - 11:00AM
NEWSBTC
Since the Shiba Inu (SHIB) reached a local high of $0.00001193 on
December 16 last year, the price has been in a downtrend
characterized by a series of lower highs and lower lows. However,
renowned crypto analyst Ali Martinez has now discovered a rare
bullish signal that could end this trend. Shiba Inu Price Flashes
Rare Bullish Signal A recent analysis by Martinez (@ali_charts)
indicates a potential bullish movement for Shiba Inu (SHIB) based
on the TD Sequential indicator. Martinez’s chart, shared via X
(formerly Twitter), shows SHIB in a 3-day timeframe against Tether
(USDT) on the Binance exchange. The TD Sequential indicator is a
tool used to identify potential price points where an asset’s price
is likely to experience an inflection – either a reversal or a
continuation of the current trend. On Martinez’s chart, the
indicator has presented a “buy signal,” specifically showing a
green nine. This suggests the possibility that the current bearish
trend could pause, and a bullish trend may ensue. Related Reading:
Shiba Inu Burn Rate Surges Over 1,400%, As Price Recovers The chart
exhibits a series of green and red candlesticks representing the
price movements of SHIB over time. Green candlesticks indicate
periods where the closing price was higher than the opening price,
while red candlesticks show the opposite. The presence of a green
nine suggests that after a succession of price declines over nine
periods, the trend may be exhausted, and buyers may soon enter the
market. Martinez points out that the SHIB price is currently
hovering around a Fibonacci retracement level of 0.5, at
approximately $0.009281. Fibonacci retracement levels are
horizontal lines that indicate where possible support and
resistance levels might be located. These are critical because they
can indicate areas where the price of an asset may experience
pullbacks or continuations. The chart also shows Fibonacci
retracement levels at 0.236 ($0.010696), 0.382 ($0.009913), 0.618
($0.008648), and 0.786 ($0.007747). The chart analysis by Martinez
highlights the potential for SHIB to rise to the $0.010 mark or
even extend gains toward $0.011. These price levels are significant
as they align with the 0.236 and 0.382 Fibonacci retracement
levels, respectively, which may act as resistance points. A breach
above these levels could validate the bullish signal provided by
the TD Sequential indicator. Related Reading: Shiba Inu On Fire:
Over 12 Million SHIB Vaporized – Impact On Price Marinez stated,
“The TD Sequential indicator has proven remarkably precise in
predicting Shiba Inu price movements. Currently, it’s flashing a
buy signal, hinting that SHIB could be gearing up for an upswing.
Keep an eye out, as SHIB could climb to $0.010 or potentially even
reach $0.011!” More Confirmation Needed As the crypto market
watches closely, the bullish signal for Shiba Inu at this juncture
is noteworthy. However, as with any market prediction, it’s
important to note that technical indicators are not infallible and
should be considered as part of a broader strategy that includes
fundamental analysis, market sentiment, and other technical
indicators. A look at the 4-hour chart of SHIB/USD shows that the
price is still in a descending parallel trend channel. Yesterday,
Tuesday, the Shiba Inu price was again rejected at the top of the
trend channel. A breakout (at around $0.00000930) could be crucial
to reinforce the TD9 signal. Featured image created with DALL·E,
chart from TradingView.com
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