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Shiba Inu Prints Rare Bullish Signal, Eyes This Price Target
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Shiba Inu Prints Rare Bullish Signal, Eyes This Price Target

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Shiba Inu price

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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.

Shiba Inu price analysis: TD Sequential indicator
Shiba Inu price analysis: TD Sequential indicator | Source: X @ali_charts

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.

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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.

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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.

Shiba Inu price
SHIB price, 4-hour chart | Source: SHIBUSD on TradingView.com
Featured image created with DALL·E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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