According to the Crypto Basic Analytics:

Shiba Inu Sets Sail for $0.00003946 Following Falling Wedge Breach

Shiba Inu is now looking to push toward the $0.00003946 price level after it recently breached above a multi-week falling wedge on the 4-hour chart.

The broader cryptocurrency market is now on a rebound, with several assets aiming to recover the losses of the past two weeks. Shiba Inu is one such asset, having suffered a 44% crash from the $0.00003285 high on March 28 to a 6-week low of $0.00001830 on April 13.

Shiba Inu traded in a consolidation after a mild recovery from the $0.00001830 low, ranging between $0.00002383 and $0.00002083 from April 14 to 19. However, SHIB recorded an impressive comeback on the back of the latest Bitcoin halving, which occurred at 12:09 AM (UTC) on April 20.

However, following this retest, Shiba Inu is poised to witness a massive price rally akin to the upward push recorded from Feb. 28 to March 5. Should this occur, Ak47 projects a sustained rally to $0.00003946.

Nonetheless, Shiba Inu would need to breach several hurdles along its path to the ultimate target, with the first resistance level stationed at $0.00002803. This resistance point served as a roadblock to SHIB’s upward surge yesterday when it rallied beyond the $0.000028 psychological threshold.

SHIB is now up 3% today as it moves to retest the resistance level. If this roadblock falls, the next pivotal resistance sits at $0.00003491, aligning with Fibonacci 0.618. Shiba Inu trades for $0.00002711 at last check, with multiple predictions projecting a push toward $0.001 in the long term.

Amid prevailing confidence, sentiments remain high, with investors continually holding onto their Shiba Inu tokens for a long period of time. Notably, IntoTheBlock data confirms that over 1 million SHIB addresses have held onto their tokens for more than a year, with over 11K wallets holding at least 1 billion SHIB.