Amidst the new crypto trend, Shiba Inu (SHIB) has emerged as a prominent competitor, gaining traction for its potential to generate profits with a significant rise.

A recent analysis by a crypto analyst, known on the X platform (previously Twitter) as Captain Faibik, has shed light on key technical indicators that may signal a significant price rally for the meme crypto, suggesting it could reach new highs in the near future.

NewsBTC reported that Captain Faibik shared insights by posting a 6-hour SHIB chart against Tether (USDT), highlighting an asymmetrical triangle pattern. This pattern is recognized as an important technical indicator, often signaling a consolidation period before a potential price breakout.

In the context of Shiba Inu, this technical formation has triggered predictions of an upcoming bullish trend, especially in the first two weeks of April.

Generally, patterns like these are seen as bullish signs, especially if the asset has already been on an uptrend. This is because they indicate that after a consolidation period, prices are more likely to continue to rise.

For Shiba Inu, the emergence of this pattern on the chart is interpreted by Faibik as a bearer of bullish news, potentially leading to a price doubling.

Faibik's analysis suggests that the price of Shiba Inu could rise to between US$0.00058 and US$0.00062 in the second to third week of April. This prediction comes as SHIB is trading at US$0.000271, after experiencing a 0.45 percent decline in the last 24 hours and a drop of over 10 percent over the past week.

Despite this decline, the appearance of this new technical pattern may reignite investor optimism, prompting them to view any price drops as buying opportunities.

Adding to the excitement surrounding Shiba Inu, WazirX, a leading crypto exchange in India, reported that SHIB has surpassed Bitcoin (BTC) in trading volume in March 2024, becoming the most traded crypto on the platform.

This milestone is significant, as Bitcoin has long been a dominant player in the crypto market. The success of Shiba Inu in taking the top position, ahead of other popular meme cryptos like Pepe (PEPE), Dogecoin (DOGE), and Floki (FLOKI), highlights its growing popularity and increasing demand among investors.

The surge in popularity of Shiba Inu is not limited to trading volume on exchanges. This crypto has also made waves in terms of online searches, becoming one of the most searched cryptos on Google.

This increase in interest reflects a growing fascination with meme cryptos and a broader recognition of their potential as investment assets.