Shiba Inu has the hope of hitting the $0.000017 price territory, according to veteran trader Ali in his latest analysis. Ali believes the asset is looking to break out of a bull pennant that was formed when it hit the high of $0.00001294 on January 18.
Prominent Trader Ali Is Bullish About Shiba Inu
Ali tweets: “Shiba Inu appears to be breaking out of a bull pennant. If SHIB continues to trade above $0.011, it could run toward $0.017.”
Shiba Inu Would Experience Bullish It Holds To Its Support
According to the seasoned analyst, the bullish prediction would only be a reality if the Shiba Inu can hold steady above the $0.000011 price level. It bears mentioning that the last time Shiba Inu went below this level was on January 19. The asset has been trading sideways between $0.000011 and $0.000012 since the slight drop from $0.00001294 on January 18.
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Note that a bull pennant is formed when an asset rises to a peak but then starts moving sideways in a narrow range. The pattern is considered bullish because it often signals that the asset is likely to continue appreciating if it holds above crucial support. Ali believes SHIB’s crucial support at this point is at the $0.000011 territory.
While the various analysis is ongoing, the current bearish must be taken as it has ravaged the general crypto market, although the Shiba Inu seems to have deviated from the way every other asset responded to the current bearish.
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Shiba Inu’s first crucial support level currently sits at $0.00001154 which serves as one of the defences against a dip below $0.000011. If the first support level breaks, the second support at $0.00001127 could play in to mitigate the chances of an extended slip. This serves as the last line of defence above $0.000011.
The reason for the strength of Shiba Inu despite the bearish could be traced to the hype around the asset which includes the Shibarium, the upcoming layer-2 solution, which could also assist in maintaining SHIB’s position above $0.000011.
Veteran David Once Bullish On Shiba Inu
Recall, Veteran David had once placed a bet on the Shiba Inu token saying that in the next bull run, Shiba Inu will be having a massive spike than expected
As David gokhshtein is popularly known for analyzing the general crypto market, he recently got a microscope to know every move of SHIB.