Shiba Inu (SHIB) Price Prediction: There is a Bullish Pattern, Will the Price Skyrocket?

Bittime - The price of Shiba Inu (SHIB) did decrease slightly last week compared to other popular crypto assets. However, renowned crypto analyst Captain Faibik actually sees the potential for a significant increase in SHIB prices!

Getting to know Shiba Inu (SHIB)

Shiba Inu is an Ethereum-based alternative crypto asset (altcoin). Altcoin itself is a term for cryptocurrencies other than Bitcoin. SHIB uses the Shiba Inu dog, a type of hunting dog from Japan, as its mascot.

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Many call SHIB an alternative to Dogecoin (DOGE), even SHIB supporters often call it the "Dogecoin killer".

Both SHIB and DOGE are classified as meme coins, namely crypto assets associated with a certain theme. In the case of SHIB and DOGE, the theme is the Shiba Inu dog. 

Also read: SHIB Price Soars 128% in 7 Days: How to Predict SHIB Price?

Meme coins are usually created as a joke or satire, not as a digital product that has a real function. Dogecoin was launched in December 2013, while Shiba Inu only appeared in August 2020 by an anonymous figure named Ryoshi.

Even though it is classified as a meme coin, SHIB has recently shown interesting developments. Will analyst Faibik's prediction of SHIB price increase come true? Apart from observing chart patterns, investors also need to consider various other factors before deciding to buy SHIB.

Faibik Predicts Shiba Inu (SHIB) is in a Bullish Trend

According to Faibik, SHIB's chart pattern over the last 6 hours shows the formation of a "symmetrical triangle." This pattern is known as a bullish pattern, a sign that crypto asset prices are preparing to rise.

Even so, Faibik also explained that this pattern indicates doubt in the current market. SHIB price moves up and down within a certain range.

However, Faibik is optimistic that if SHIB successfully passes this phase, its price could soar to double (2x) in mid-December. This means that the price of SHIB could potentially reach around $0.000044. It is important to note that this price is still well below SHIB's record high of $0.000086.

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Apart from the chart patterns, the SHIB ecosystem is also showing high activity. SHIB token burning (reducing the number of tokens in circulation) increased drastically, namely by 2,300% compared to last February. This means there is an effort to make SHIB rarer and potentially increase its price.

Interestingly, recently there was a large transfer of SHIB. A total of 2 trillion SHIB tokens, worth more than $62 million, were moved from the KuCoin exchange to an unknown address. This move came after KuCoin was accused by United States regulators of not implementing strict financial security standards.

Also read: Shiba Inu Burn Token Makes Shiba Inu Market Cap Soar Sharply

Latest SHIB Price Movement

As of today, April 3, 2024, SHIB price is trading at around $0.0000274, up 2.27% in the last 24 hours. Its market capitalization reached $16.1 billion, making it the 12th largest crypto asset in the world.

SHIB price showed a slight increase in the last 24 hours, its movement in the last few weeks was also quite positive. However, in the last week the SHIB price rose around 8%, and in the last month it rose 29.90%.

This positive SHIB price movement is likely driven by several factors, including:

• A bullish pattern identified by analyst Faibik.
• Increased SHIB token burning activity.
• Positive sentiment towards the crypto market as a whole.

However, investors need to remember that crypto asset prices are very volatile and unpredictable. A significant price increase can be followed by a sharp decline. Therefore, it is important to always carry out research and analysis before deciding to invest in crypto assets.

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Was last week's price drop just temporary? Will SHIB really surge as analysts predict? Let's wait and see how it develops!

How to Buy Shiba Inu (SHIB) on Bittime

You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/USDT. To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime. 

Monitor price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Shiba Inu (SHIB): Community Resilience and Shibarium Development Boost SHIB Price

SHIB/USDT Price: 20,000 SHIB Investors Sell Their Tokens, What Sign?

Shiba Inu Announces Shib Name Service (SNS) and Airdrop for SHIB Users

Should You Buy Shiba Inu (SHIB) in 2024?

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.