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.

READ MORE:

Investor Turns $66 Into $3 Million Amid Meme Coin Surge Fueled by Elon Musk

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