With the increasing anticipation of Bitcoin Halving, the crypto market volatility is racing to higher levels. Amidst these fluctuations, the BTC price reclaims the $70,000 mark while the altcoins are divided. However, meme coins like Shiba Inu showcase an underlying surge in demand, slowly reflecting the price trend.
Following the bull run of a 250% surge in just two weeks, the meme coin takes a sideways shift. However, with the anticipations of an altcoin season coming with the Bitcoin Halving this April, the price action projects a potential surge.
Further, to get additional insight on the possible SHIB price trend ahead of Bitcoin Halving, we asked ChatGPT 4.0 to predict the meme coin’s performance. So, let’s have a closer look at the current performance and price chart and then dive into ChatGPT’s SHIB price prediction ahead of Bitcoin Halving.
As the second biggest meme coin in the crypto world, Shiba Inu has a market cap of $16.36 Billion, making it the 12th biggest crypto. In the last 24 hours, the meme coin has increased by 2.53% as Bitcoin resurfaces above $70,000. With almost $600 Million in trading volume, this meme coin is the 16th biggest traded crypto.
In the daily chart, the SHIB price trend showcases a bullish pennant formation due to the ongoing contraction in volatility. As pennants are known for trend continuation, the overall sentiment for the meme coin remains bullish.
Moving along with the baseline of the pennant, the 50D EMA is ready to provide a dynamic bounce pad in case of a downfall. Further, the $0.000025 level remains a crucial support level.
Currently, Shiba Inu trades at the baseline and projects a high likelihood of a bullish reversal. As per the trend-based Fibonacci levels, the SHIB price could hit the $0.000051 mark or the 100% Fib level.
We shared this analysis and price chart with ChatGPT to back up our analysis. Here’s what the AI predicted for Shiba Inu in April 2024.
Starting from the indicators and psychology, the AI takes the triangle pattern into consideration. Further, ChatGPT signals a surge in trading volume in days ahead of Bitcoin Halving, which could shift the price trend.
As per the AI, the uptrend with a breakout could aim the $0.000052 mark, exceeding the resistance levels in-between.
In short, the technical analysis and the ChatGPT price prediction share a similar bullish viewpoint, teasing a potential jump to the $0.000052 mark. In doing so, the Shiba Inu price is expected to overcome the psychological barrier and sprint a bull run ahead of Bitcoin Halving.
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