Shiba Inu Price Analysis: Defying the increasing FUD in the crypto market, the Shiba Inu price showed a significant upsurge in recent days. The uptick could be associated with the listing of Shiba Inu Ecosystem’s Token LEASH on the Instant custody-free cryptocurrency exchange StealthEX. Amid this rally, the buyers gave a bullish breakout from the resistance trendline of the wedge pattern, offering an opportunity for extended recovery.
Also Read: Shibarium Anticipation Climbs As $28M Worth of Shiba Inu Tokens Exit Exchanges
Shiba Inu Price Daily Chart:
- The wedge pattern breakout sets the SHIB price for an 18% rally
- This breakout backed by increasing volume indicates a strong conviction from buyers.
- The intraday trading volume of the Shiba Inu coin is $334.2 Million, showing a 115% gain.
Source- Tradingview
For nearly two months, the Shiba Inu price rallied under the influence of the rising wedge pattern. In theory, the converging nature of this pattern often results in a bearish breakdown leading to a significant downfall.
However, in rare scenarios of strong bullish momentum, the asset price could give an upside breakout from overhead resistance. This bullish movement despite a bearish setup reflects a strong buying signal.
With an intraday gain of 5% the Shiba Inu price offers a strong breakout from the upper trendline, offering buyers a suitable footing to rise higher. The post-breakout rally could rise 18% higher to hit $0.0000107
Can SHIB Price Reclaim $0.00001?
With the current uncertainty in the market, the Shiba Inu price could trigger a minor downtick to retest the breached trendline. This pullback could validate if the prices could sustain higher levels and offer an entry opportunity for buyers. However, in the midst of retesting, a breakdown below the trendline will invalidate the bullish thesis.
- Relative Strength Index: The daily RSI slope making higher with price action indicates a sustained recovery.
- Exponential Moving Average: The 200-day EMA stands as a crucial barrier that can offer an opportunity to counterattack.
