TL:DR;
- Shiba Inu’s largest native token is among those that failed to produce a new all-time high in the current cycle and even plummeted hard since December 8’s peak.
- However, some technical indicators are now suggesting that the asset’s real breakthrough could be just around the corner.
Alongside the rest of the market, the second-largest meme coin was sluggish ahead of the US elections, with its price stuck in a range of between $0.000014 and $0.00002 for weeks.
Once the dust settled and Trump emerged victorious, SHIB shot up as well, going to a muli-month peak of just over $0.0003. Following a minor retracement, the asset went on the offensive once again at the start of the current month, which culminated in a surge to $0.0000335 on December 8 – its highest level since March this year.
However, SHIB was not only unable to keep the momentum up and going into uncharted territory, but it actually started retracing hard in the following weeks. The most substantial price slide came after the latest US FOMC meeting during the broader market’s crash when SHIB dumped to $0.0000185. This represented a 44% slump in less than two weeks.
The asset has managed to recover some ground and now sits at around $0.000023. Moreover, data from popular crypto analyst Ali Martinez shows that it has flashed a buy signal now. He envisioned a further rebound to $0.000029, which would represent a 25% increase from now and a 55% surge from the December 8 bottom.
The TD Sequential indicator presented a buy signal on the #ShibaInu $SHIB daily chart, anticipating a rebound to $0.000026 or even $0.000029! pic.twitter.com/N2QZSs0nCl
— Ali (@ali_charts) December 24, 2024
Martinez based his prediction on the TD Sequential, an indicator used to determine the market exhaustion in either direction. Recall that the same indicator recently outlined the local bottoms for DOGE and BTC. Since those buy signals for both assets, bitcoin’s price is up by over 3%, while DOGE has gained more than 6% in just a few days.
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