Shiba Inu, a popular token in the cryptocurrency community, may be on the verge of significant gains, according to well-known analyst Ak47. The recent Bitcoin halving event has sparked anticipation among Shiba Inu enthusiasts, who hope it will have a positive impact on the token’s price. However, data from CoinMarketCap reveals that Shiba Inu has not experienced any major upward movement since the halving occurred on April 19th. Although the token has seen a 12.9% increase since then, it is still far from reaching the levels seen in early March when it reached around $0.00004500. Currently, Shiba Inu is trading at $0.00002573, after a significant drop of 42.82%.
Despite these challenges, Ak47 remains optimistic about Shiba Inu’s future. The analyst recently shared their positive outlook on Twitter, highlighting the potential for gains based on the formation of a falling wedge pattern on the 12-hour chart. This pattern typically indicates an upcoming bullish breakout, suggesting that Shiba Inu may be on the cusp of a significant rally.
To support their analysis, Ak47 attached a screenshot of the Shiba Inu chart, clearly showing the falling wedge pattern. According to the chart, if the pattern holds true, Shiba Inu could potentially reach a price target of $0.00003946, representing a 53.36% increase from its current price. However, before reaching this level, the token must first break through the resistance at $0.00002803, which is currently being held by 1,342 investors who own at least $1 million worth of SHIB.
Despite the current price levels, investors remain hopeful about Shiba Inu’s prospects. Data from IntoTheBlock reveals that over 1 million addresses have been holding the token for 12 months or longer, indicating a strong belief in its long-term potential.
It is important to note that this article is for informational purposes only and should not be considered as financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, as The Crypto Basic is not responsible for any financial losses incurred.