Shiba Inu is making waves in the cryptocurrency market as it sets sail for a price level of $0.00003946. This comes after the token breached a falling wedge pattern on the 4-hour chart, indicating a potential bullish reversal. The broader cryptocurrency market is also on the rebound, with many assets aiming to recover their recent losses.
Shiba Inu experienced a significant crash of 44% from its high of $0.00003285 on March 28 to a 6-week low of $0.00001830 on April 13. However, it has since been trading in a consolidation phase, ranging between $0.00002383 and $0.00002083. The recent Bitcoin halving on April 20 provided a boost to SHIB, leading to an impressive comeback.
Analysts have observed a falling wedge pattern in Shiba Inu’s price movements, which suggests a potential upward reversal. The token has now broken above this pattern, signaling the start of a bullish trend. It may experience a mild retracement before continuing its rally towards the target of $0.00003946.
However, there are several resistance levels that Shiba Inu needs to overcome along its path to the ultimate target. The first resistance level is at $0.00002803, followed by $0.00003491, which aligns with the Fibonacci 0.618 level. Despite these hurdles, multiple predictions foresee a long-term push towards $0.001.
Investor confidence in Shiba Inu remains high, as evidenced by the large number of addresses holding onto their tokens for an extended period. Over 1 million SHIB addresses have held their tokens for more than a year, with over 11,000 wallets holding at least 1 billion SHIB.