Shiba Inu (SHIB) is showing early signs of a potential breakout following a prolonged downtrend. Recent market data reveals the emergence of a falling wedge pattern, indicating a possible shift in momentum. This bullish reversal pattern, characterized by converging downward trendlines, suggests that SHIB may soon surpass its current resistance levels. Currently trading near the lower end of this wedge, SHIB indicates a potential upside movement as the pattern narrows.
Support and resistance levels for SHIB are crucial to monitor. The support level is approximately $0.00001092, where buyers have consistently intervened to prevent further declines. The first resistance is at $0.00002054, serving as the initial challenge if SHIB breaks the wedge pattern.
The SHIBUSDT price action reveals key resistance levels at $0.00002755 and $0.00003505, where heavy selling pressure may be expected. These levels are important indicators for future price movements, particularly if SHIB experiences a rally.
Shiba Inu is currently poised for a potential breakout, targeting a price of $0.00002050, reflecting a significant upside if the pattern holds. The meme coin would need to increase by 56.25% from its current price of $0.00001312 to reach the target price.
An increase in whale activity is evident in on-chain data, indicating a surge in large transactions involving SHIB and suggesting renewed interest from institutional investors. This rise in whale activity follows a recent dip in SHIB transactions, with a notable increase in large transactions volume hinting at a potential price rebound for SHIB.
A report by The Crypto Basic highlights renewed interest in meme coins like Shiba Inu, driven by a brief recovery in the broader crypto market. With a market cap exceeding $7.7 billion, SHIB is closely monitored for a potential bullish breakout. The report notes that SHIB is still within a falling wedge pattern, with its price hovering just below key resistance levels. Any upward movement could see SHIB testing the $0.000015 region.
Please note that this content is informational and should not be considered financial advice. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not accountable for any financial losses incurred.
