Cryptocurrency analyst Ak47 has identified a potential bullish signal for Shiba Inu (SHIB). According to Ak47, SHIB’s 12-hour chart shows a falling wedge pattern, which could indicate an imminent breakout to the upside. The analyst has highlighted the importance of keeping an eye on SHIB as it approaches crucial resistance at $0.00002803, which has proven to be an insurmountable level for the token in the past.
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If SHIB can break above this level, it could potentially hit a price target of $0.00003946, representing a significant increase of 53.36% from its current price. However, it should be noted that 1,342 investors are holding at least $1 million worth of SHIB at this pivotal level, making it a tough resistance to breach.
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
Despite the recent Bitcoin halving event on April 19, which many Shiba Inu community members were hoping would drive up the price of SHIB, the token has seen only a 12.9% gain since then, still far from its early March highs of around $0.00004500. Shiba Inu has been trading at $0.00002573 after experiencing a 42.82% plunge since its peak in March.
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Nonetheless, the recent surge in SHIB’s price could be a promising sign for the token’s future, especially if it can break out of its falling wedge pattern and overcome resistance at $0.00002803. According to data from IntoTheBlock, over 1 million addresses have been holding SHIB for 12 months or longer, indicating a positive outlook for the token among investors.