Shiba Inu price again stole a prominent spot on crypto traders’ and investors’ radars, given that a renowned market analyst has predicted that a massive pump awaits. Analyst ‘ALLINCRYPTO’ has recently highlighted a bullish price chart pattern formed by the meme coin, stressing which he believes a major upside action looms. This bullish prediction has amassed further market-wide attention, as the recent SHIB burn rate of 1300% suggested that the meme coin could really rally ahead.
Shiba Inu Price Is Bullish; Analyst Predicts Citing TA
Analyst ALLINCRYPTO revealed via X on April 23 that Shiba Inu price “upside is expected,” given a falling wedge pattern is confirmed on the broader time frame chart. This pattern likely suggests that a massive price rally for the meme coin lies ahead; here’s why:
The falling wedge pattern on a crypto’s price chart is usually considered bullish by market watchers as it is followed by a trend reversal from downtrend to uptrend. The pattern consists of two downward-sloping, converging trend lines. The upper trend line points at key resistance levels, whilst the lower line points toward support levels.
As per the analyst, SHIB price has been experiencing a pullback (temporary downtrend) since December last year to this April. However, the meme coin also formed a falling wedge pattern in this duration, reflecting the abovementioned characteristics.
Analyzing this pattern, the analyst believes that a trend reversal lies ahead, setting off optimistic waves amid an already ongoing broader market pump.
Notably, crypto prices have shown quite the potential over the past week, reversing previous losses and also adding value. Bitcoin price reached as high as $94K over the week, with major alts mainly following the broader upside action. Shiba Inu coin’s price has added over 11% value in the past seven days, with one token currently costing $0.00001320.
SHIB Burn Rate Surges 1300% Fueling More Optimism
Simultaneously, the 1300% SHIB burn rate surge in the last 24 hours has injected additional optimism among market watchers.
The latest data from tracker Shibburn on X indicated that 27.82 million tokens were burnt in the past 24 hours, resulting in a whopping 1361% surge in the intraday burn rate. As Shiba Inu’s supply continues to take a hit, market sentiments about its price remain bullish, further escorted by analysts’ bold predictions.
Moreover, a SHIB price prediction by CoinGape further revealed that bulls currently dominate the meme coin, per the 3-month bias indicator. Thus, the prediction also revealed that the token’s price could hit as high as $0.0000141 by April end.
The post Shiba Inu Price Eyes Massive Pump, Analyst Predicts As SHIB Burn Soars 1300% appeared first on CoinGape.
