A well-known crypto analyst has raised concerns about Shiba Inu (SHIB), the rival to meme asset Dogecoin (DOGE). He emphasizes that SHIB must sustain its position within a critical support range to avoid a significant downturn. In a recent video, crypto trader Ali Martinez shared insights with his impressive following of over 106,500 individuals on the social media platform X, asserting that maintaining the $0.0000193-$0.0000215 range is crucial for Shiba Inu.
Martinez warns that if this support level breaks, it could signal a bearish trend for the beloved dog-themed memecoin. Currently, SHIB is trading at $0.00002255, reflecting an increase of 6.5% in the past day.
Shifting gears to Bitcoin (BTC), Martinez stresses that Bitcoin needs to hold above $90,000. He notes, “If Bitcoin falls below $88,000, the next significant support level would be at $71,000, according to the MVRV Pricing Bands.” The urgency in his tone is palpable, as the crypto market can be volatile and unpredictable.
Earlier this week, Martinez made bold claims about Dogecoin’s potential for massive growth. If DOGE continues to align with its historic price patterns, the memecoin could skyrocket, potentially reaching $17.76, marking an extraordinary 6,770% increase if it adheres to an ascending parallel channel pattern, which suggests a positive price trend.
At present, DOGE has seen a 6% uptick in the last 24 hours, capturing the interest of many crypto enthusiasts.
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As always, it’s crucial to remember that the opinions shared here are not investment advice. Anyone considering investments in Bitcoin, cryptocurrency, or digital assets should proceed with caution and conduct thorough research. All trading activities involve risks, and individuals must take responsibility for their own financial decisions.
