Shiba Inu, the popular meme coin, has attracted the attention of crypto traders and investors once again due to a bullish prediction made by analyst ‘ALLINCRYPTO.’ The analyst highlighted a falling wedge pattern on the coin’s price chart, suggesting a significant price rally in the near future. This prediction has garnered widespread attention, especially after the recent surge in SHIB burn rate by 1300%, hinting at a potential rally for the meme coin.
The falling wedge pattern on a crypto’s price chart typically indicates a trend reversal from a downtrend to an uptrend, making it a bullish signal for market watchers. This pattern consists of two converging trend lines, with the upper line representing key resistance levels and the lower line indicating support levels. Analyst ALLINCRYPTO believes that SHIB price has been in a temporary downtrend since December, but the formation of a falling wedge pattern suggests a trend reversal is imminent, leading to optimistic expectations in the market.
In addition to the bullish price prediction, the overall crypto market has been showing positive signs, with Bitcoin reaching highs of $94K and major altcoins following the upward trend. Shiba Inu coin has also seen an increase in value, gaining over 11% in the past week and currently priced at $0.00001320 per token. The surge in the SHIB burn rate by 1300% in the last 24 hours has further fueled optimism among market participants, with 27.82 million tokens burnt, leading to a significant decrease in the coin’s supply.
Market sentiments about Shiba Inu’s price have remained bullish, supported by not only the surge in burn rate but also by analysts’ bold predictions. According to a SHIB price prediction by CoinGape, bulls are currently dominating the meme coin market, indicating a potential price increase to $0.0000141 by the end of April. These positive indicators have contributed to the growing optimism surrounding Shiba Inu and its potential for a significant price rally in the near future. Investors and traders are closely watching the market developments to capitalize on potential opportunities presented by the meme coin.
