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Shiba Inu aims for $0.000018 amid falling wedge breakout

Shiba Inu aims for $0.000018 amid falling wedge breakout

GrafaGrafa2024/08/22 07:45
By:Isaac Francis

Shiba Inu (CRYPTO:SHIB) is approaching a potential breakout from a falling wedge pattern, indicating a possible bullish trend reversal.

The meme coin has been trading within this formation since March and is now poised to move above it.

Currently, SHIB is trading at $0.000013, reflecting a 24% decline over the past month.

This decline followed a high of $0.000035 on March 5, creating a series of lower highs and lower lows, forming a falling wedge.

As this pattern converges, buying pressure is increasing relative to selling pressure.

The falling wedge pattern suggests that once SHIB breaks above this formation, it may signal a shift from a downtrend to an uptrend.

This would indicate that selling pressure is easing while buying interest grows.

Supporting this potential breakout is SHIB’s rising Chaikin Money Flow (CMF), which is currently above the center line at 0.03.

The CMF measures the liquidity flow into and out of an asset, with a positive reading suggesting increased buying pressure.

Additionally, the bullish sentiment is reinforced by SHIB’s Parabolic Stop and Reverse (SAR) setup.

The SAR dots are positioned below SHIB’s price, indicating that the price has been rising and may continue to do so in the near term.

If the bullish momentum continues and SHIB successfully breaks above the falling wedge, the price could rally to $0.000018.

However, if selling pressure increases, the price might decline to $0.000010.

The outcome will depend on whether the buying pressure can sustain the breakout and lead to further gains.

At press time, Shiba Inu was priced at $0.00001403.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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