SHIB Price Analysis: “Falling Wedge” Breakout Puts the 146% Rally in Focus
- Shiba Inu (SHIB) has broken out of a falling wedge pattern, and analysts predict a rally toward the $0.000016 level.
- Analyst Rich X Cult identifies $0.00001242 as a prime entry point.
- Analyst Javon Marks is also bullish, calling for gains of up to 156% based on technical patterns.
Shiba Inu has staged a bullish breakout from a falling wedge pattern, drawing attention from analysts who believe the move could set the stage for further meaningful gains.
According to market analyst Rich X Cult, Shiba Inu’s breakout could lift the token toward a short-term target zone between $0.00001471 and $0.00001600. At press time, SHIB changes hands at $0.00001365. This now reflects a dip of 2% after the coin briefly touched $0.000014 earlier today. Meanwhile, SHIB remains up 10% over the past week.
The Shiba Inu Breakout
Notably, the initial rally began after SHIB rebounded from lows near $0.00001120 on August 3, breaking through the falling wedge formation. The momentum is reflected in a 4-hour Relative Strength Index (RSI) reading of 83.57, indicating strong buying pressure.
Trading volume has also jumped, with approximately $340 million worth of SHIB exchanged i…
The post SHIB Price Analysis: “Falling Wedge” Breakout Puts the 146% Rally in Focus appeared first on Coin Edition.
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SHIB Price Analysis: “Falling Wedge” Breakout Puts the 146% Rally in Focus
- Shiba Inu (SHIB) has broken out of a falling wedge pattern, and analysts predict a rally toward the $0.000016 level.
- Analyst Rich X Cult identifies $0.00001242 as a prime entry point.
- Analyst Javon Marks is also bullish, calling for gains of up to 156% based on technical patterns.
Shiba Inu has staged a bullish breakout from a falling wedge pattern, drawing attention from analysts who believe the move could set the stage for further meaningful gains.
According to market analyst Rich X Cult, Shiba Inu’s breakout could lift the token toward a short-term target zone between $0.00001471 and $0.00001600. At press time, SHIB changes hands at $0.00001365. This now reflects a dip of 2% after the coin briefly touched $0.000014 earlier today. Meanwhile, SHIB remains up 10% over the past week.
The Shiba Inu Breakout
Notably, the initial rally began after SHIB rebounded from lows near $0.00001120 on August 3, breaking through the falling wedge formation. The momentum is reflected in a 4-hour Relative Strength Index (RSI) reading of 83.57, indicating strong buying pressure.
Trading volume has also jumped, with approximately $340 million worth of SHIB exchanged i…
The post SHIB Price Analysis: “Falling Wedge” Breakout Puts the 146% Rally in Focus appeared first on Coin Edition.
Read More
Why is Bitcoin recovering? Everything that happened in crypto today