Shiba Inu Eyes Massive Rally: Could Hit $0.00003420 Soon
Shiba Inu, the renowned meme coin, is displaying signs of a potential bullish reversal from a falling wedge pattern on the daily timeframe. This positive technical indicator hints at a substantial price surge for SHIB. A falling wedge is a chart pattern that indicates a breakoutof a downtrend.
It features a descending series of lower highs and lower lows, converging towards a point in the future. A price surge beyond the upper boundary of a falling wedge, is often considered a positive sign for the asset.
Shiba Inu is breaking a falling wedge pattern on the daily timeframe. Potential targets after bounce from the support zone are: $0.00001610, $0.00002010, $0.00002380, $0.00002940, and $0.00003420
In the case of Shiba Inu, the price has been consolidating within a falling wedge for several weeks. However, recent price action has shown signs of strength, with the price approaching the upper boundary of the pattern. If SHIB manages to break out above this resistance level, it could trigger a sharp rally.
Potential targets for SHIB after a breakout from the falling wedge include $0.00001610, $0.00002010, $0.00002380, $0.00002940, and $0.00003420. These levels represent key resistance zones that SHIB would need to overcome to continue its upward momentum.
Shiba Inu Bullish Technicals vs. Bearish Fundamentals
While technical analysis suggests a potential upward trend for Shiba Inu, a broader market analysis paints a more nuanced picture. A recent study by Santiment revealed that SHIBs performance has lagged behind Dogecoin [DOGE], with long-term holders incurring substantial losses. Moreover, retail traders are actively selling SHIB, and the overall market sentiment remains bearish.
This divergence between technical and fundamental factors creates a complex scenario for SHIB investors. While the technical indicators may point to a potential price increase, the negative market sentiment and investor behavior could hinder SHIBs ability to capitalize on these opportunities.
Nevertheless, the breaking of a falling wedge pattern is a positive development for Shiba Inu, and it suggests that the coin may be entering a new phase of uptrend. It is important to note that technical analysis is not foolproof, and there is always a risk of a false breakout.
Read more: https://www.tronweekly.com/shiba-inu-eyes-massive-rally/
Text source: TronWeekly
