Shiba Inu (SHIB) Welcomes Setup for Next Mega Rally: Analyst

Shiba Inu (SHIB) is losing steam with respect to its price growth compared to the level at the start of the week. The meme coin is now pegged at a price of $0.000007435 on trading platforms atop a mild growth of 0.47% in the past 24 hours. Riding on this growth, top market analyst Ali Martinez believes Shiba Inu is poised for another mega run based on its key technical setup.

Martinez said that based on the TD Sequential indicator, Shiba Inu flashed a buy signal on the weekly chart.

#ShibaInu | The TD Sequential flashed a buy signal on $SHIB weekly chart. Notably, the previous two bullish turns from this indicator led to price surges of 118% and 71%, respectively.

Given the infrequency yet precision of such signals, it’s a pivotal moment to keep a keen eye… pic.twitter.com/uwdWbSWFZw

— Ali (@ali_charts) October 25, 2023

His post was accompanied by a chart that shows Shiba Inu printed a lower low recently, when its price touched $0.0000063. With the meme coin now in recovery mode from this level, the analyst pointed out that the last two times the TD Sequential setup formed, there was an accompanying SHIB rally.

Specifically, he pointed out that SHIB soared as high as 118% and 71% on the two previous occasions mentioned. He noted that the infrequency of the TD Sequential setup makes it necessary to keep a close eye on the altcoin moving forward.

Shiba Inu has fundamental backing

Shiba Inu was among the biggest meme coin gainers in the past week as its price rose as high as 7.52%. While this growth is notably a function of the broader market, it also underscores the inherent strides and innovations within the Shiba Inu ecosystem.

As a token, Shiba Inu has maintained a highly deflationary outlook through its burn mechanism. With millions of SHIB sent to dead wallets and taken off circulation each week, the coin remains a model for other meme coins in the ecosystem.

The advent of Shibarium is also a big boost as more utilities are aligned for the SHIB token moving forward.

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