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.
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