Will the Bitcoin Post-Halving Rally Push SHIB to $0.00004
With the consolidation ahead of Bitcoin’s halving, the second-largest meme cryptocurrency Shiba Inu is expected to have slow price action this week. As shown in the chart below, the daily chart predicts alternating green and red in the bearish real body, reflecting no clear dominance between the bulls or bears.
However, the daily chart analysis shows the formation of a bullish reversal pattern, suggesting that the asset is poised for a higher rally. With Bitcoin’s halving just around the corner, SHIB coin could see a bullish breakout
Shiba Inu Price Analysis | Trading View The ongoing corrective trend in Shiba Inu’s price can be tracked by the two converging trendlines of the bullish pattern known as the following wedge. The two converging trends acted as dynamic resistance and support, leading to a 60% pullback from $0.0000456 to $0.0000183.
The coin encountered immediate demand pressure at the lower trendline of the pattern, leading the SHIB price back to $0.0000227. The Shiba Inu price has been trading sideways around $0.0000227 for more than a week as the broader market undergoes an extended period of consolidation amidst the wait for Bitcoin’s halving.
According to a recent analysis by renowned trader Alicart, Bitcoin has historically exhibited a period of euphoria that indicates the top of its bull cycle. This phase has not been observed in the current cycle, suggesting that the market may not have peaked yet.
The comment was based on the long-term holders’ net unrealized profit and loss (NUPL) data, which is used to measure the overall market sentiment and profitability of long-term Bitcoin investments.
Thus, with less than 12 hours until Bitcoin’s halving, market participants anticipate a notable shift in sentiment in favor of buyers. Bitcoin’s potential could propel altcoins, including Shiba Inu coin, to break out of the wedge pattern.
A bullish breakout from the upper trendline would signal a continuation of the recovery trend and set the SHIB price to chase potential targets of $0.0000328 and $0.00004.
Technical indicators: Exponential Moving Averages: Shiba Inu price remains above the 100-day moving average, indicating that the overall trend of the asset remains bullish. Moving Average Convergence Divergence: The bearish crossover between the MACD and the signal line reflects the influence of sellers on the recent trend.
