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Highlights
- A downswing in the fast-moving 20-and-50-day EMA slope indicates a near-term trend is bearish.
- The SHIB’s potential breakout from the wedge pattern will signal the end-of-correction phase.
- The 24-hour trading volume on the Shiba Inu is at $24.5 Billion with an 84% gain.
Shiba Inu Price: Shiba Inu, the second-largest meme cryptocurrency, projected a sluggish price action this week, following the lead of Bitcoin’s pre-halving consolidation. As shown in the below chart, the daily chart projected alternate green and red in short bodies reflects no clear dominance among bulls or bears. However, an analysis of the daily chart shows the formation of a bullish reversal pattern, indicating the asset is poised for a higher rally.
Also Read: Pepe vs Shiba Inu: Which Ethereum Memecoin To Buy Before Halving?
Potential Bullish Breakout for SHIB Coin with Bitcoin Halving on the Horizon
The ongoing correction trend in Shiba Inu price can be traced through two converging trendlines of a bullish pattern called the following wedge. The two converging trends have acted as dynamic resistance and support, leading to a 60% pullback from $0.0000456 to $0.0000183.
However, the coin witnessed immediate demand pressure on the pattern’s lower trendline leading the SHIB price back to $0.0000227. As the broader market prolonged its consolidation in the wait for Bitcoin halving, the Shiba Inu price wavered sideways around $0.0000227 for over a week.
According to the recent analysis of renowned trader Alichart, Bitcoin has historically exhibited a phase of euphoria indicating the peak of its bull cycles. This phase is yet to be observed in the current cycle, suggesting that the market may not have reached its top yet.
The commentary is based on the Long-Term Holder Net Unrealized Profit/Loss (NUPL) data, which is used to gauge the overall market sentiment and profitability of long-term investments in Bitcoin.
Each #Bitcoin bull cycle goes through a euphoric phase, signaling a market top. $BTC has yet to see that euphoria in the current cycle! pic.twitter.com/Sj9JXW6Ksz
— Ali (@ali_charts) April 18, 2024
Thus, with less than 12 hours for Bitcoin halving, the market participants are expecting a notable shift in market sentiment favoring buyers. The potential in BTC could bolster altcoins including the Shiba Inu coin to breach the wedge pattern.
A bullish breakout from the overhead trendline will signal the continuation of the recovery trend and set the SHIB price to chase to $0.0000328, and $0.00004 potential target.
Technical Indicator:
- Exponential Moving Average: The Shiba Inu price sustainability above 100-day EMA indicates the broader trend for this asset remains bullish.
- Moving Average Convergence Divergence: A bearish crossover between the MACD and signal lines reflects the seller’s influence on the near-term trend.
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