shiba inu price rises Share this article on: Array

Shiba Inu (SHIB) Price Surges Predicted, Analysts Say There Will Be a Big Increase!

author:

Array

Shiba Inu (SHIB) Price Surges Predicted, Analysts Say There Will Be a Big Increase!

Jakarta, Pintu News – Shiba Inu (SHIB) is back in the spotlight among crypto traders and investors, especially after a well-known market analyst predicted a significant price spike.

The analyst known as ‘ALLINCRYPTO’ has highlighted a bullish price chart pattern, which he believes will lead to a significant price increase.

This prediction has further caught the market’s attention, especially with the Shiba Inu’s increased burn rate of 1,300%, signaling the potential for significant price increases.

Technical Analysis Shows Bullish Signals

ALLINCRYPTO, via platform X on April 23, revealed that the price of Shiba Inu is expected to increase. This is based on the falling wedge pattern confirmed on the broader time chart.

This pattern is often considered a bullish signal by market watchers as it is usually followed by a trend reversal from a downtrend to an uptrend. The falling wedge pattern consists of two converging trend lines that decrease in slope. The upper trend line shows the key resistance level, while the lower line shows the support level.

According to analysts, the price of SHIB has experienced a temporary decline since December last year until this April. However, within that duration, the meme coin also formed a falling wedge pattern, which reflects the characteristics mentioned above.

Also read: Bitcoin (BTC) below $100,000, Adam Back reveals it’s a golden opportunity?

1,300% Increase in SHIB Combustion Rate

SHIB’s 1,300% increase in burn rate in the last 24 hours has added to the optimism among market watchers. The latest data from the Shibburn tracker on platform X shows that 27.82 million tokens have been burned in the last 24 hours, resulting in an intraday burn rate spike of 1,361%.

With Shiba Inu supply continuing to dwindle, market sentiment towards the price of this coin remains bullish. SHIB price predictions by CoinGape also indicate that bulls are currently in control of this meme coin, as evidenced by the three-month bias indicator.

The prediction also revealed that the token price could reach as high as $0.0000141 by the end of April. This reinforces the belief that a significant price increase is likely shortly.

Read also: Is the Beta Solana Label Still Relevant?

Market Implications and Future Expectations

This predicted increase in the price of Shiba Inu not only impacts existing investors and traders but also has the potential to attract new investors into the crypto market. The sharp rise in the token burn rate suggests an active strategy to reduce supply, which in theory should increase the price per token.

Additionally, the falling wedge pattern identified by the analyst adds to the evidence that Shiba Inu’s price trend may be about to reverse from negative to positive. If this prediction proves true, it could mark a significant turning point for Shiba Inu within the broader cryptocurrency market.

That’s the latest information about crypto news today. Get more information about crypto academy from beginner to expert level only at Pintu Academy and enrich your knowledge about the world of crypto and blockchain.

Follow us on Google News for the latest updates on crypto and blockchain technology. Enjoy an easy and secure crypto trading experience by downloading Pintu crypto app via Google Play Store or App Store now.

Experience web trading with advanced trading tools such as pro charting, various order types, and portfolio tracker only at Pintu Pro. Click Register Pintu if you don’t have an account or click Login Pintu if you are already registered.

*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

Array