Trader Issues Warning on Dogecoin Rival Shiba Inu, Says Bearish Momentum To Set In if Major Support Level Breaks
A popular crypto analyst says that meme asset Dogecoin ( DOGE ) rival Shiba Inu ( SHIB ) must hold a certain support level to not come crashing down.
In a new video, crypto trader Ali Martinez tells his 106,500 followers on the social media platform X that the $0.0000193-$0.0000215 range is a must-hold for Shiba Inu.
According to Martinez, a breaking of these levels would be bearish for the dog-themed memecoin.
SHIB is trading for $0.00002255 at time of writing, up 6.5% in the last 24 hours.
Moving on to Bitcoin ( BTC ), the trader says BTC must avoid falling below $90,000 to avoid falling even further.
“If Bitcoin BTC falls below $88,000, the next major support level lies at $71,000, according to the MVRV Pricing Bands.”
Source: Ali Martinez/X
Earlier this week, Martinez said that meme asset Dogecoin could surge by quadruple digits percentage-wise for one key reason – that if DOGE follows a historic price pattern, the memecoin could surge to $17.76.
“Dogecoin could rally by another 6,770% if it continues to follow the ascending parallel channel pattern!”
An ascending parallel channel pattern is a bullish structure indicating that an asset is in an uptrend, printing higher highs and higher lows.
DOGE, the Shiba Inu rival, is up 6% in the last 24 hours.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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