This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Meme token Shiba Inu’s SHIB token price may be preparing for a rally, according to crypto analyst Ali Martinez. Martinez highlighted that the TD Sequential, a technical indicator, has flashed a bullish signal for SHIB price. In the past, when this signal appeared, SHIB rallied by 118% and 71%. This has led to speculation that the meme token’s price has bottomed out and is now gearing up for a rally. However, it’s important to note that influencers and traders are hyping every little piece of positive news to keep the hype going. On the other hand, SHIB price is currently moving inside a bearish technical pattern called the ‘Descending Triangle,’ which suggests a potential breakdown target near $0.0000038. Despite this, SHIB price recently reached its highest level since September 1 before paring gains. If selling continues, bulls will need to defend the 50-day EMA support near $0.0000074. Breaking and consolidating above the immediate resistance could help SHIB price rally further. The RSI for SHIB remains neutral, close to the overbought threshold of 70.