Crypto analyst and trader Ali Martinez claimed that Shiba Inu (SHIB), the second-largest memecoin by market value, could rise according to the weekly time frame price chart’s Tom Demark (TD) Sequential Indicator. The analyst also predicted a potential rise for Bitcoin (BTC) up to $47,400.
Rare Rise Signal for Shiba Inu Ignited Again
Martinez stated on his personal account on the social media platform X that the TD Sequential Indicator gave a potential rise signal for Shiba Inu’s SHIB on the weekly chart. The TD Sequential Indicator is used to predict potential trend reversals based on the closing prices of the previous 13 bars or candles.
According to the analyst, the TD Sequential Indicator triggered a 118% and 71% rise in the memecoin’s price in its last two rise signals, respectively, stating, “Given the rarity of such signals, we are at a very important moment to closely monitor SHIB.”
At the time of writing this article, SHIB is trading at $0.000007988, with a 6.96% increase in the last 24 hours.
Bitcoin’s Rise Will Continue According to the UTXO URPD Indicator
Looking at Bitcoin after SHIB, crypto analyst UTXO, based on the Unspent Transaction Output (UTXO) Realized Price Distribution (URPD) model, stated that the next key resistance levels are above approximately 13% and 38% of the current price. UTXO tracks the number of current BTCs moved at a specific price range. The analyst explained the significance of this situation for the largest cryptocurrency using the following statements:
Bitcoin has formed a major support barrier between $25,000 and $30,000. The UTXO Realized Price Distribution (URPD) model now shows that the next two critical resistance zones for BTC are at $38,440 and $47,360.
According to the latest data, BTC is changing hands at $34,291, with a 0.32% increase in the last 24 hours.
