Shiba Inu (SHIB) appears to be losing some steam in terms of its price growth compared to the week’s beginning. The meme coin is currently trading at $0.000007435 on various platforms, showing a modest 0.47% increase in the past 24 hours.
Despite this, renowned market analyst Ali Martinez believes that Shiba Inu is gearing up for another substantial price surge, based on its key technical indicators.
Martinez highlighted that the TD Sequential indicator on the weekly chart for Shiba Inu recently flashed a buy signal. He shared this insight on Twitter, emphasizing that on the previous two occasions, this indicator turned bullish and led to price surges of 118% and 71%, respectively.
Accompanying his statement was a chart illustrating that Shiba Inu had recently reached a lower low when its price touched $0.0000063. With the meme coin now in a recovery phase from this level, Martinez pointed out that the previous TD Sequential setups had resulted in significant SHIB price rallies. Given the infrequency of these signals, he suggested that it’s a critical moment to closely monitor Shiba Inu’s performance.
Shiba Inu’s Fundamental Strength
Shiba Inu emerged as one of the top-performing meme coins over the past week, achieving a price increase of up to 7.52%. While this growth is influenced by the broader market, it also reflects the strides and innovations within the Shiba Inu ecosystem.
Shiba Inu maintains a highly deflationary nature through its burn mechanism, consistently removing millions of SHIB from circulation each week by sending them to dead wallets. This feature sets a precedent for other meme coins in the ecosystem.
Furthermore, the introduction of Shibarium offers a substantial boost, as it aligns additional utilities for the SHIB token in the future. This development underscores Shiba Inu’s fundamental strength and potential for further growth.