A noteworthy indicator has been spotted among the ever-shifting market patterns of cryptocurrency: the Shiba Inu coin, according to a renowned crypto analyst known as Captain Faibik. A peculiarity in the digital coin’s price chart suggests that it could be on the brink of a significant surge, potentially reaching unprecedented heights.
The insightful cryptoanalyst took to the social media platform formally known as Twitter, recognized as ‘X’ these days, to lay forth a unique discovery located within the price chart of Shiba Inu’s native token, SHIB. Upon the unveiling of a six-hour chart marking the performance of the SHIB against one of its prime contenders, Tether (USDT), it was clear that an asymmetrical triangle pattern was beginning to emerge. This prime technical indicator points to the possibility of SHIB entering a bullish trend during the initial fortnight of April.
Esteemed in the world of crypto trading, an asymmetrical triangle often signifies a period of consolidation before a drastic shift in the worth of a cryptocurrency. Typically, such patterns are interpreted as bullish indicators, especially when observed in a crypto already experiencing an upward trend. This is attributed to the understanding that the emergence of the triangle signals a potential escalation in the token’s value.
Applying this theory to Shiba Inu, Faibik has projected a bullish breakout, predicting a forthcoming rally that can potentially double the current value of the digital coin. Scrutiny of the price chart indicates a potential rise of SHIB between 0.00058 to 0.00062 during April’s second and third weeks.
As it stands, the price of SHIB is approximately $0.000271, despite slumping 0.45% in the last twenty-four hours. The relatively novel digital currency has seen a decrease of over 10% during the past week. However, the appearance of this unique pattern might rekindle optimism in investors, encouraging the perception of current market lows as opportune buying moments.
India’s premiere crypto exchange, WizarX, recently showcased its list of the five most traded cryptocurrencies for March 2024, with Shiba Inu reigning supreme. The dog-inspired digital coin secured the top spot, surpassing the behemoth, Bitcoin, which fell to the second position. Following Bitcoin were Pepe, Dogecoin, and Floki, three of the most popular “meme coins” currently circulating in the crypto market.
Shiba Inu’s dominant position on WizarX further illustrates the digital currency’s burgeoning popularity across a range of international markets. The meme coin recently made ripples in the media, as it was declared one of the most searched-for cryptocurrencies on Google. Furthermore, the interest in SHIB within the realm of crypto-investing has shown a consistent upswing, bolstering demand for the flourishing digital coin.