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Popular analyst Ak47 stressed that Shiba Inu is signaling potential gains ahead following the appearance of a falling wedge trend on its 12-hour chart.
Shiba Inu community members are looking forward to how the recently concluded Bitcoin halving event will positively impact the price of their favorite token, SHIB.
Data from CoinMarketCap (CMC) shows that Shiba Inu has not witnessed any significant uptrend since Bitcoin halving occurred on April 19, at 8:09 PM (ET).
According to the data, Shiba Inu has soared by 12.9% since the halving event. Despite experiencing a double-digit gain, Shiba Inu is still far from hitting the levels recorded in early March. Recall that Shiba Inu soared to around $0.00004500 in early March. The canine-themed token has plunged by 42.82% ever since, with a unit of SHIB trading at $0.00002573.
Shiba Inu Signaling Potential Gains Ahead
However, Shiba Inu’s 12.9% surge recorded over the past week could be a tip of what is coming for the asset. Pseudonymous market watcher and analyst “Ak47” recently showcased this optimism in their latest outlook for SHIB. In a recent tweet, Ak47 pointed out that the Shiba Inu chart is showing signs of potential gains.
The analyst made the assertion after observing Shiba Inu form a falling wedge pattern in the 12-hour timeframe. Explaining the significance of the development, Ak47 noted that such a trend typically paves the way for an asset’s bullish breakout.
Furthermore, the analyst urged Shiba Inu enthusiasts to keep a close watch on SHIB as it prepares for an imminent bullish breakout.
Meanwhile, Ak47 attached a screenshot of Shiba Inu’s chart, which highlights the appearance of a falling wedge in the 12-hour timeframe.
The $shib/usdt pair is showing a falling wedge pattern on the 12-hour timeframe.
This often precedes a bullish breakout, signaling potential gains ahead. Keep an eye on it! #SHIB #cryptocurrency #bullish #trading $SHIB #DYOR pic.twitter.com/XseUuxffmQ
— Ak47♛ (@HolaItsAk47) April 21, 2024
Potential Rally to $0.00003946
According to the chart, Shiba Inu could witness a breakout and potentially hit a price target of $0.00003946, representing an increase of 53.36% from the current price.
Nonetheless, before climbing to $0.00003946, Shiba Inu must first breach the resistance at $0.00002803, a pivotal level at which 1,342 investors hold at least $1 million worth of SHIB.
Shiba Inu’s recent attempt to breach the level ended in futility as the asset currently trades below $0.00002600.
In the meantime, investors have remained optimistic about Shiba Inu’s prospects. This is evident in the number of investors that have retained their SHIB holdings for over a year. Data from IntoTheBlock shows that over 1 million addresses have been holding Shiba Inu for 12 months or longer.