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The Shiba Inu price has soared more than 57% in the past week to trade at $0.00003498 as of 7:40 p.m. EST on a 46% drop in trading volume to $2.57 billion.
While SHIB fell 5.5% in the past 24 hours, prominent crypto analyst Ali Martinez tells his 51k followers on X that the token has the potential to surge 40%, noting a symmetrical triangle pattern on the 4-hour chart.
#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
Martinez suggests that if the price remains above $0.000038, it could surge to approximately $0.000052. However, he does also cautions that dropping below the $0.000033 support level could reverse SHIB’s bullish momentum.
Shiba Inu Price Gears Up For More Bullish Momentum
SHIBUSDT Analysis By Tradingview
Shiba Inu price indicates a gradual uptrend after experiencing extensive consolidation. During this time, a support zone was formed at $0.00001030, which aided the bulls in driving the price upwards.
Yet, the bulls encountered resistance when the price reached the $0.00004512 level, resulting in pressure from the bears, pushing the price down to $0.00002853. This formation has created an ascending symmetrical triangle, which continues the bullish trend.
The bulls display resilience, driving the price upwards while staying within the lower boundary of the triangle. They are consolidating their strength around the $0.00003305 support level, aiming to kickstart a bullish rally above the triangle.
The price currently trades above the 50-day and 200-day Simple Moving Averages (SMAs), which provide support. The moving average crossover at $0.00001040 confirms the overall bullish sentiment for the Shiba Inu price.
The Relative Strength Index (RSI) also suggests a short-term downtrend below the midline level of 50, currently at 46. A bounce from this level would push the RSI above the neutral level of 50, indicating strong buying pressure for the Shiba Inu price.
Shiba Inu Price Bulls Prepare To Rally Above The Symmetrical Triangle
Bulls are gearing up for another bull rally above the symmetrical triangle. The support zone at $0.00002863 and the golden cross at $0.00001040 support further upside potential. Increased momentum should cause a breach above this level, pushing SHIB to a new high at $0.00006142 in the upcoming weeks.
Conversely, the bears might take advantage of the RSI downtrend to apply downward pressure. In that scenario, the bulls might be forced to find a haven in the $0.00002216 support zone.
As the SHIB price bulls gear up for another rally, traders are flocking to the new Sponge V2 meme coin in search of 1000X returns.
Its predecessor, Sponge V1, soared 100X last year in a bear market and Sponge V2 aims to better that with its latest, feature-packed 2.0 version of the token.
SPONGEV2: The Next 1000X ROI
SpongeV2 marks the evolution of the renowned SPONGE token, which based on its current price has skyrocketed 6,596% since launch.
Did you miss #SpongeV2 as well, anon? 🧽💦
Stake your $SPONGE today! 🚀#MemeCoin #Web3 #AltSeason #Crypto pic.twitter.com/1mkn5zjEvA
— $SPONGE (@spongeoneth) March 4, 2024
The SPONGE team plans to capitalize on the token’s previous achievements by implementing various modifications to the viral meme coin’s ecosystem.
SpongeV2’s new play-to-earn racing game is available in both paid and free versions and involves players competing for rankings on a global leaderboard. Rewards earned from racing are distributed in SpongeV2 tokens.
🧽 Ride that $SPONGE wave! 🌊 LFG 🚀#MemeCoin #AltGem #Crypto #100x pic.twitter.com/2PkqBon0tF
— $SPONGE (@spongeoneth) March 6, 2024
Buy SpongeV2 Now, Earn 503% APY From Staking
Investors who have acquired SpongeV2 tokens can now also earn some passive income by staking $SPONGE before the claim date, with token holders enjoying annual percentage yields (APY) reaching as high as 503% on Polygon and 178% on Ethereum.
The Polygon version of the token was launched last month after a malicious attack on the token’s liquidity pool. A move to prevent future attacks, the Polygon version offers more security, efficiency, speed, and affordability.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
With tokens worth almost $35 million already staked and bridged to Sponge V2, Crypto YouTuber Jacob Bury considers it one of the top five cryptos to invest in now, and says it has the potential to soar 1000X after additional listings are launched.
There are market rumors that say those additional top tier exchange listings are imminent, so if you are interested act soon before it’s too late.
You can buy SpongeV2 tokens here.
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