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Analyst Says Shiba Inu (SHIB) Price Shows Bullish Signals

Cryptocurrency trader and strategist Ali Martinez expressed his bullish sentiment on Dogecoin (DOGE) rival and Bitcoin (BTC).

It turns out that the TD Sequential indicator is very accurate in predicting #ShibaInu price trends. Currently, it is giving a buy signal, suggesting that $SHIB may be gearing up for a rally. Keep an eye on it, as #SHIB could climb to $0.010, or even reach $0.011

— Ali (@ali_charts) January 30, 2024

Martinez told his 42,700 followers

The TD Sequential indicator is used to predict the likelihood of market trend reversals.

At the time of writing this article, Shiba Inu was trading at $0.00000903. As for Bitcoin, Martinez said that based on the historical precedent of market value to realized value (MVRV), the flagship cryptocurrency asset could rise by about 41% from the current level.

MVRV is the ratio of Bitcoin’s market value to its realized capital, which is the value of all Bitcoins calculated at their purchase price. Extreme deviations from the MVRV price band are used to determine possible market bottoms and tops, with a standard deviation of 1.0 as the upper limit and -1.0 as the lower limit.

At the time of writing this article, Bitcoin was trading at $42,653.

Sentiment: Positive

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