Shiba Inu Price Prediction: The formation of a falling wedge pattern sets the SHIB price for a sustained rally.
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Shiba Inu Price Prediction: As Bitcoin sustains its recovery above the $28,000 level, a renewed sense of bullish sentiment is permeating the crypto market. This shift has positively impacted the Shiba Inu coin, which recently bounced off the lower trendline of its falling wedge pattern at $0.0000063. Over the past three days, this bounce has resulted in a 5% gain, setting the stage for a potential breakout from its ongoing corrective phase.
Also Read: Investors Top Picks For High ROI: Cardano And Everlodge, While Shiba Inu Sees Significant Growth
Bullish Pattern Sets Potential Rally
- The coin price trading below the daily EMAs(20, 50, 100, and 200) indicates the overhead market trend is still bearish
- A bullish breakout from the wedge pattern could trigger a new recovery
- The intraday trading volume of the Shiba Inu coin is $72.5 Million, showing a 29% gain.
Source- Tradingview
Despite market uncertainties, the SHIB price has been adhering to a well-defined falling wedge pattern over the last two months. This pattern has prompted four rebounds from its upper trendline and five from its lower, underscoring its strong influence on traders behavior.
As of October 19, the Shiba Inu price rebounded once again from the lower trendline, elevating it to its current trading level of $0.00000697. If buying pressure persists, we could see an additional 2% gain, which would represent an attempt to break out from the upper trendline, effectively signaling the end of its current correction.
Given the narrowing space between the two converging trendlines, a breakout seems imminent. A daily candle close above the upper trendline would likely intensify bullish momentum, potentially propelling the coin’s price 25% higher to reach the $0.00000876 mark.
Is SHIB Price Poised for Further Correction?
It’s essential to note that while the short-term outlook appears bullish, the existing trend remains bearish. For the past two months, the lower trendline has functioned as a safety net, protecting against a more severe correction. Should selling pressure breach this support, it could trigger accelerated selling, possibly pushing the price down to the $0.0000055 level.
- Exponential Moving Average: The 50-day EMA aligned with the upper trendline of the wedge pattern offers additional resistance against buyers.
- Relative Strength Index: The daily RSI slope above the 40% mark indicator shows bullish momentum is sufficient for significant recovery.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
