SHIB Price Analysis: Will Shiba Inu Dodge This Bear Attack?
The Shiba Inu (SHIB) price faces bearish pressure but attempts a bullish breakout from a falling wedge pattern.
Key Takeaways
- SHIB price struggles to break out of the falling wedge pattern.
- Strong support at the trendline hints at a potential double bottom reversal.
- A breakout from the falling wedge could propel SHIB prices to $0.00000851.
- Bearish pressure and increased selling activity challenge the bullish trend.
In the volatile world of meme coins, Shiba Inu (SHIB) is currently grappling with a bearish onslaught, hindering its attempt to break free from the confinements of a falling wedge pattern. This unexpected attack has momentarily delayed the much-anticipated rally in the SHIB price chart.
However, amidst the turbulence, SHIB buyers have managed to thwart a deep correction, preventing a bearish breakdown that could have shattered the wedge pattern. The support trendline has witnessed a surge in demand, teasing the possibility of a double bottom reversal and offering hope to Shiba Inu enthusiasts.
Will It Rise?
Yet, the journey for SHIB is not without its challenges. The coin has been forming multiple lower high peaks under the constant pressure of bears, with the 50-day Exponential Moving Average (EMA) acting as a formidable resistance barrier, stifling bullish growth. The presence of a descending trendline further reinforces the overhead selling pressure.
The daily chart reveals a clear falling wedge pattern, defined by descending trendlines formed with lower lows. Within this wedge, Shiba Inu has experienced repeated cycles of negativity, primarily due to the increased bearish sentiment in the market.
However, a silver lining emerges as buyers express interest at lower price levels, boosting demand for the meme coin, especially as the broader market recovers from its downturn. Presently, SHIB trades at $0.000000673, marked by a sharp intraday reversal that has left a long tail formation near the support trendline. This sudden reversal raises the prospect of a significant price surge in the near future.
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Technical Indicators
- RSI Indicator: The daily Relative Strength Index (RSI) line displays a robust bullish divergence in the daily chart, suggesting an impending bullish breakout and increased momentum.
- Exponential Moving Averages: The 50-day EMA continues to trend downward, acting as a consistent resistance point for SHIB.
Let’s Review
Should buyers successfully regain momentum, Shiba Inu’s price could initiate a new bullish cycle within the confines of the falling wedge. This upward trajectory may soon encounter resistance at approximately $0.00000715.
Optimistically, the ongoing positive trend has the potential to drive prices up to $0.00000851. Conversely, if the price falters and slips below the support line, SHIB may experience a significant descent, possibly falling to $0.0000060.
The fate of Shiba Inu’s price remains uncertain, but it’s clear that the battle between bulls and bears in the meme coin market is far from over. Investors and enthusiasts will be closely watching for signs of a breakout and a potential surge in the coming days.
