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The second largest meme token, Shiba Inu (SHIB), after a consolidation period preceding Bitcoin‘s halving, saw stagnant price movement this week. Daily charts do not clearly show dominance by either bulls or bears. However, according to experts, the analysis of the daily chart indicates that a bullish reversal formation is taking shape, suggesting the token is ready for a higher ascent.
Correction Process in SHIB
Shiba Inu’s ongoing price correction can be tracked through a bullish formation called a wedge, formed by two converging trend lines. The merging trends, acting as dynamic resistance and support, led to a 60% pullback from $0.0000456 to $0.0000183. However, the cryptocurrency witnessed sudden demand pressure above the formation’s lower trend line, and the SHIB price rebounded to $0.0000227.
The broader market continues its consolidation while waiting for Bitcoin’s halving. Shiba Inu’s price moved horizontally around $0.0000227 for over a week. According to the latest analysis by renowned cryptocurrency analyst Alichart, Bitcoin displayed a phase of excitement historically indicative of the peaks of bull cycles. The absence of this phase in the current cycle could suggest that the market has not yet reached its peak.
Price Influencing Formation in SHIB
Cryptocurrency expert’s commentary is based on the long-term holder’s net unrealized profit/loss (NUPL) data, which measures overall market sentiment and the profitability of long-term investments in Bitcoin. Therefore, with less than 12 hours to Bitcoin’s halving, investors can expect a significant shift in market sentiment favoring buyers. BTC’s potential could support altcoins, including the Shiba Inu token, by breaking the wedge pattern. Additionally, an upward trend from the general trend line could indicate the continuation of the recovery trend, potentially driving the SHIB price towards targets of $0.0000328 and $0.00004.
