đ„đ„Shiba Inu Price Analysis: Will Bitcoin Post-Halving Rally Send SHIB to $0.00004?
#ShibaInu Price: Shiba Inu, the second largest meme cryptocurrency, predicted a sluggish price movement this week, following the lead of Bitcoin's halving consolidation.
Potential Bullish Boom for #SHIB Coin As Bitcoin Halves on the Horizon
Shiba Inu Price Analysis
The ongoing correction trend in the Shiba Inu price can be traced by two converging trend lines of an upward pattern called the wedge below. The two converging trends acted as dynamic resistance and support, leading to a 60% retreat from $0.0000456 to $0.0000183.
However, the coin witnessed sudden demand pressure, which pushed the SHIB price back to $ 0.0000227 above the low trend line of the model. While the broader Sunday extended its consolidation in anticipation of Bitcoin halving, the Shiba Inu price has fluctuated sideways around $0.0000227 for more than a week.
According to a recent analysis by the famous trader Alichart, Bitcoin has historically exhibited a euphoria phase, which indicates the peak of bull cycles. This phase has not yet been observed in the current cycle, suggesting that the market may not have peaked yet.
Therefore, with less than 12 hours for Bitcoin to be halved, market participants are expecting a significant shift in market sentiment that favors buyers. The potential in Btc could support altcoins, including the Shiba Inu coin, in a way that violates the wedge order.
A bullish trend from the general trend line will signal the continuation of the recovery trend and set the SHIB price to follow up to the potential target of $0.0000328 and $0.00004.
Technical Indicator:
Exponential Moving Average: Shiba Inu price sustainability above the 100-day EMA indicates that the broader trend for this asset continues to rise.
Moving Average Convergence Divergence: The Deceleration trend between the MACD and the signal lines reflects the seller's influence on the near-term trend.
