![Shiba Inu [SHIB] could rally 20%, but only on THIS condition](https://i.headtopics.com/images/2024/5/14/cryptoamb/shiba-inu-shib-could-rally-20-but-only-on-this-con-shiba-inu-shib-could-rally-20-but-only-on-this-con-31D54277079707A714B6F06AC61BDADD.webp)
According to Ali Martinez, a crypto analyst, Shiba Inu [SHIB] might be set for a 20% rally. Martinez, who posted this on X, gave reasons
From his post, the analyst shared a 4-hour SHIB/USD chart which showed the token in a descending channel.
For those uninitiated, a descending channel appears when two downward trendlines are drawn above and below a price. In this case, the upper trendline represents resistance while the lower one indicates a support level. AMBCrypto observed that the Shiba Inu native token had formed lower highs and lower lows across five trendlines, confirming this bias that aAs of this writing, the memecoin changed hands at $0.0000236— a 7.42% increase in the last 24 hours. This increase suggested that SHIB might have begun the breakout journey.Furthermore, AMBCrypto’s on-chain analysis using the Market Value to Realized Value ratio suggested that this opinion could be valid.At press time, Shiba Inu’s 30-day MVRV ratio was -1.
It’s the other way around for the supply outside of exchanges. At press time, SHIB’s supply on exchanges was down to 74.7 trillion. On the other hand, the supply outside had increased to 927.17 trillion.The difference in the metrics was proof that many holders of the memecoin believe in its long-term potential. As such, the cryptocurrency might not experience major selling pressure in the short term.On a larger timeframe, SHIB’s price might rise much higher than this target.
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