Shiba Inu To Rally 100% To $0.000062? Analyst Reveals Why This Is Possible
03 Abril 2024 - 3:00PM
NEWSBTC
A crypto analyst has identified a key technical indicator in the
Shiba Inu price chart that suggests that the cryptocurrency is set
to witness a major price rally to new highs. Asymmetrical
Triangle Signaling SHIB Price Surge Appears A crypto analyst
identified as Captain Faibik on X (formerly Twitter) has unveiled a
distinctive technical pattern in Shiba Inu’s price chart. Sharing a
6-hour chart of Shiba Inu’s native token, SHIB against Tether
(USDT), the analyst revealed an asymmetrical triangle pattern,
which indicated that the cryptocurrency may enter a bullish trend
during the first two weeks of April. Related Reading: Buying
Opportunity: Crypto Institutional Investors Pump $862 Million Into
The Market The asymmetrical triangle pattern is a technical
indicator which displays a period of consolidation before the price
of a cryptocurrency is forced to break out or down. Oftentimes, the
triangle patterns are interpreted as bullish, especially if the
cryptocurrency is already in an uptrend. This is because the
emergence of the technical pattern is a sign that the price of the
token will continue moving upwards. Regarding Shiba Inu,
Faibik has interpreted the technical pattern as a potential bullish
breakout, predicting an upcoming rally that could see the price of
Shiba Inu doubling. The price chart has revealed that SHIB’s price
could potentially rise between 0.00058 to 0.00062 around the second
to third week of April. At the time of writing SHIB is
priced at $0.000271, reflecting a 0.45% dip in the last 24 hours.
Over the past week, the cryptocurrency saw a decrease of more than
10%. The emergence of this new technical pattern may offer
investors renewed optimism, viewing declines as buying
opportunities. Shiba Inu Surpasses Bitcoin In Trading Volume
on Indian Exchange Prominent Indian crypto exchange, WizarX
recently revealed its top five most traded cryptocurrencies in
March 2024, with Shiba Inu dominating the pack as the platform’s
most traded cryptocurrency. The doggy-themed meme coin claimed
first position, surpassing Bitcoin (BTC), the world’s largest
cryptocurrency, which took second place. Related Reading:
Tether Buys 8,888 Bitcoin For $618 Million, But Why Is Price Down?
Ranking third to fifth place were Pepe (PEPE), Dogecoin (DOGE), and
Floki (FLOK), respectively, which are some of the trendiest meme
coins in the crypto space currently. Shiba Inu’s
accomplishment as the most traded cryptocurrency on this Indian
crypto exchange underscores its growing popularity across various
global regions. The meme coin recently made headlines for being one
of the top most searched cryptocurrencies on Google. Moreover, SHIB
has consistently experienced a notable increase in demand and
interest from investors and traders alike within the crypto
space. SHIB price recovers to $0.000027 | Source: SHIBUSDT on
Tradingview.com Featured image from Analytics Insight, chart from
Tradingview.com
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