Is Shiba Inu Price Heading to $0.000012? This Chart Pattern Hints End-of-Correction
Highlights
- A bullish breakout from a falling wedge pattern indicates the downtrend has reached maturity.
- A significant SHIB burn of 102.76 million tokens and breakout of 20-month-old resistance signals a shift in market dynamics, supporting potential further recovery to the key resistance level.
- The 24-hour trading volume on the Shiba Inu is at $953 Million with a 76% gain.
Amid the aggressive recovery trend in the crypto market, the Shiba Inu coin picked up sustainable momentum last week after the price rebounded from $0.00000934 local support. This positive upswing surged this memecoin 20% to currently trade at $0.0000112. The rising price has breached the resistance trendline of a long-coming channel pattern indicating an early sign of trend reversal.
Also Read: Shiba Inu (SHIB) Investors Dive Into New $0.0013 Shib Rival
What’s Next For Shiba Inu Price 20% After Weekly Surge
The last correction trend in Shiba Inu price bottomed at $0.00000943 as the rising demand for Bitcoin from the traditional market uplifted the altcoins too. This renewed buying interest surged the SHIB price from $0.0000084 to $0.0000112 to register 30% within five weeks.
During the same timeframe, Shiba Inu Futures Open Interest soared by 120%, rising from $16.6 million to $36.6 million. This notable surge reflects an escalating enthusiasm among traders and investors regarding SHIB’s future price trajectory.
An analysis of the higher time frame chart shows the recent upswing breached the resistance trendline of the falling wedge pattern active for the past 20 months. While the two descending trendlines lead to a steady downtrend, their converging nature indicates a waning of bearish momentum.
Thus, the resistance breakout signals a change in market dynamics and potential for higher recovery. Moreover, the Shibburn reports a remarkable burn of 102.76 million SHIB by the Shiba Inu community in the last 24 hours, marking an astounding 1913.95% increase in the burn rate. This significant reduction in supply can potentially bolster the asset’s sustainability above the breached resistance at $0.0000109.
Under the influence of the wedge pattern, the Shiba Inu price can target key resistance as $0.0000119, $0.0000158, followed by $0.000018.
Also Read: Shiba Inu’s Market Optimism Grows with Proposed SHIB ETF Plans
Technical Indicator
- BB Indicator: The coin price challenging the upper boundary of the Bollinger Band indicator reflects the buyers are dominating this asset.
- Average Directional Index: The ADX slope uptick at 20% reflects that buyers have the potential to lead further rallies.
- Is Trump Family, Mr. Beast Buying ASTER Token? Rumors Gain Strength
- Solana ETF Update: Grayscale, Fidelity, Others Files S-1 With Staking, Approval Expected in Two Weeks
- Cyber Hornet Seeks SEC Nod for S&P 500 and XRP ETF
- Cathie Wood’s Ark Invest Eyes Stake in Tether as USDT Issuer Targets $500B Valuation
- Kraken Secures $500M at $15B Valuation, Eyes IPO in 2026
- Solana Price Set for Q4 Surge as Canary Capital ETF Filing Meets Wyckoff Accumulation
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
