Shiba Inu Under Pressure as Dogecoin Could Surge 6,700%

A prominent cryptocurrency analyst has identified key levels that Shiba Inu (SHIB), a major competitor to Dogecoin (DOGE), must maintain to avoid a sharp decline.

According to Ali Martinez, the critical support zone for SHIB lies between $0.0000193 and $0.0000215. Falling below this range, he warns, could trigger a bearish trend for the memecoin. At the time of analysis, SHIB was trading at $0.00002255, reflecting a 6.5% increase over the past 24 hours.

Meanwhile, Martinez shared an optimistic projection for Dogecoin, suggesting that the token could experience exponential growth if it adheres to historical price movements.

He pointed to an ascending parallel channel pattern—a bullish indicator that suggests an asset is trending upwards with consistent higher highs and higher lows.

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If this pattern holds, Martinez estimates DOGE could skyrocket by 6,770%, potentially reaching a price of $17.76.

These insights emphasize the delicate balance in the cryptocurrency market, where key support levels and technical patterns play a pivotal role in determining the future direction of major digital assets.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.