A popular crypto analyst says meme asset Dogecoin (DOGE) rival Shiba Inu (SHIB) needs to maintain a certain level of support to avoid collapsing.
In a new video, crypto trader Ali Martinez tells his 106,500 followers on social media platform
According to Martinez, a breakout of these levels would be bearish for the dog-themed memecoin.
SHIB is trading at $0.00002255 at the 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 MVRV pricing bands.”
Earlier this week, Martinez said that the meme asset Dogecoin could rise by four digits in percentage terms for one key reason: if DOGE follows a historical price pattern, the memecoin could reach $17.76.
“Dogecoin could bounce 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 rival of the Shiba Inu, is up 6% in the last 24 hours.
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