Analyst Spots Shiba Inu (SHIB) Bullish Pattern, Sets Price Targets

The recent Bitcoin halving event, which occurred on April 19, 2024, has sparked discussions within the Shiba Inu (SHIB) community regarding its potential impact on the token’s price. While some community members anticipated a significant uptrend following the halving, SHIB is yet to show any signs of a major surge.

SHIB is trading at $0.00002545, and the meme coin has experienced a moderate increase of 11.86% over the past week, with a significant surge on April 20 and 21. Despite this positive movement, the token remains far from its early March peak of over $0.00004.

Analyst Optimism and the Falling Wedge Pattern

Despite this relative underperformance, Ak47 (@HolaItsAk47), a pseudonymous crypto analyst on X, suggests a potential future upswing for SHIB.

The analyst identified a falling wedge pattern on the SHIB 12-hour chart often seen as a precursor to bullish breakouts in technical analysis. This pattern emerges when the price action forms a downward channel with converging trendlines, suggesting a potential reversal.

Ak47 emphasizes the importance of monitoring SHIB closely in the coming period, hinting at a possible imminent breakout. His analysis is accompanied by a chart highlighting the falling wedge formation. Other analysts are bullish on SHIB, as a prominent analyst recently shared potential profit-taking targets.

Price Target, Resistance Levels, and SHIB’s Future

Based on the identified falling wedge pattern, Ak47 projects a potential price target of $0.00003946 for SHIB. This represents a significant increase of 55% from the current price. However, achieving this target hinges on SHIB overcoming a crucial resistance level at $0.00002803.

This price point is particularly noteworthy as it represents a significant holding point for over 1,300 investors, each holding at least $1 million worth of SHIB. SHIB’s recent attempt to surpass this resistance proved unsuccessful, and the next attempt might be crucial for its future trajectory.

Investor behavior has also bolstered the bullish sentiment around SHIB. IntoTheBlock shows that over 1 million addresses have held SHIB for over a year. This long-term holding pattern suggests a degree of investor optimism regarding the token’s future potential.

Although the short-term price movement of SHIB following the Bitcoin halving has been modest, technical analysis suggests a potential bullish breakout. Shiba Inu’s lead developer, Shytoshi Kusama, has promised “so much more” for the SHIB ecosystem, and a remarkable rally could be a part of SHIB’s short-term future.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.