What’s Ahead For Shiba Inu Price After 25% Rally in a Week?

Defying the broader market sentiment in the crypto sentiment, the Shiba Inu price showed a remarkable recovery this week. This rally could be associated with both fundamental and technical reasons which is the Shibarium launch nearing and a bullish breakout from a rising wedge pattern. Thus, the Dog–themed memecoin has recently reclaimed a $0.00001 psychological mark indicating the potential for further rally.

Also Read: Shiba Inu Price Kills A Zero, Shibie Coin Burns 50% Of Presale Tokens – Meme Coin Season Soon

Key Points From Analysis: 

• A bullish breakout from the $0.0000105 resistance hints at a 20% jump in  SHIB price. 
• The Shiba Inu price follows a downtrend in a higher timeframe under the influence of a falling wedge pattern
• The intraday trading volume of the Shiba Inu coin is $620.2 Million, showing a 100.6% gain.

Source- Tradingview

On August 8th, the Shiba Inu price showed a bullish engulfing candle at the recently breached resistance of the wedge pattern. This long green candle reflected the buyers’ finding suitable support from the flipped trendline, assisting them to extend price rallies.

As a result, the SHIB price has been rising for five consecutive days recording 22.5% growth. By the press time, the memecoin trades at $0.0000109 and shows a massive breakout from the last swing high of $0.0000105.

If the daily candle closes above the breached trendline, the accelerated bullish momentum could drive the price another 20% to reach the upper trendline of the wedge pattern.

SHIB Price Heading to $0.0000105?

A keen in the weekly time frame chart shows a falling wedge pattern governs the ongoing downtrend in SHIB price. Thus, the anticipated rally in this memecoin will retest the upper resistance of this pattern around the $0.0000125 mark. This barrier could bring high supply pressure in the market, suggesting a possibility for a bearish reversal

• Bollinger Band: The rising Shiba Inu price challenge of the upper band of bollinger band reflects a high momentum rally.
• Moving Average Convergence Divergence: The increasing gap between the MACD(blue) and signal(orange) in a positive crossover state indicates the short-term trend is strongly bullish.