Shiba Inu (SHIB) could soon witness a significant price rally, with crypto analyst Ali Martinez highlighting a bullish pattern forming on the meme coin’s chart. Shiba Inu’s price could potentially see a 150% gain when this rally happens.
A Bull Flag Is Forming On SHIB’s Chart
Martinez mentioned in an X (formerly Twitter) post that Shiba Inu looks to be forming a bull flag on its daily chart. A bull flag is a bullish pattern that indicates that the crypto asset will soon see further moves to the upside. In anticipation of this move, the crypto analyst further revealed that he was placing a buy order around $0.000018343, aiming for a bullish breakout that would send Shiba Inu’s price to $0.000072323.
Source: X
Seeing that a rise to that price level represents about a 150% price gain for the meme coin, some of Martinez’s followers seemed skeptical about the prediction, with some jokingly asking the crypto analyst if his account was hacked again. Interestingly, this prediction is far from ambitious, considering that Martinez previously predicted that the meme coin could eventually rise to $0.011.
Meanwhile, those looking to jump on Martinez’s trade idea could also adopt Crypto analyst Crypto Noan’s profit-taking strategy if Shiba Inu doesn’t get to $0.000072323 as Martinez predicts. Noan highlighted four price levels at which SHIB investors should consider taking profit as the meme coin moves to the upside.
These price levels are $0.000028181, $0.000032816, $0.000039035, and $0.000043609. That means that all Noan’s take profit-targets will be filled on Shiba Inu’s potential rise to $0.000072323. Therefore, investors might want to consider securing some profits along the way
Shiba Inu Could Indeed Hit $0.000072323 Soon
Shiba Inu rising to $0.00072323 looks like a real possibility, considering that crypto analyst and trader Xanrox hinted that the meme coin would rise to as high as $0.00008854 by July. Xanrox also predicted that Shiba Inu will record a 300% price gain before the end of this year. Therefore, a 150% move from its current price level could easily be attained.
Moreover, other crypto analysts like Javon Marks have predicted that SHIB could shed another zero and rise to as high as $0.0001553 in this bull run. Shiba already announced its intention to be one of the best-performing assets in this cycle, with a year-to-date (YTD) gain of over 100%.
At the time of writing, Shiba Inu is trading at around $0.00002196, up over 3% in the last 24 hours according to data from CoinMarketCap.
SHIB price rises to $0.000023 | Source: SHIBUSDT on Tradingview.com
Featured image from Crypto News Flash, chart from Tradingview.com
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