Shiba Inu Approaches a Key Breakout Zone, Thanks to the Formation of a Falling Wedge
As Shiba Inu (SHIB) continues to stay above the critical support zone of $0.0000115, the second-largest meme coin paints a bullish picture.
According to renowned market analyst Ali Martinez, “Key Shiba Inu (SHIB) support levels! $0.0000115 and $0.00000815 in focus.”
Martinez’s analysis shows that the meme coin is out of the woods, with Shiba Inu’s price currently sitting at $0.0000128.
Is Shiba Inu Eyeing a Bullish Reversal Pattern?
Having witnessed a bearish momentum that sent its price below the psychological threshold of $0.000010, Shiba Inu can feel relieved.
As a result, Crypto Sat believes that SHIB might be eyeing a bullish reversal pattern.
The market insights provider acknowledged, “The 1-hour chart for $SHIB is showing a Falling Wedge, a bullish reversal pattern. Bullish Case: A breakout above 1260 could trigger a rally toward 1280 – 1320. SHIB is approaching a key breakout zone. If bulls take charge, we could see a strong upside move.”
A falling wedge is deemed a bullish reversal pattern because it depicts a potential change from a downtrend to an uptrend.
As the wedge narrows, volume decreases because it shows the absence of strong selling momentum, as bears are throwing in the towel.
Meanwhile, Shiba Inu might be eyeing the $0.0001 zone if the meme coin is included in President Donald Trump’s crypto reserve.
Additionally, the Shiba Inu community is ramping up efforts to advocate for a SHIB-focused exchange-traded fund (ETF), calling on major asset management firms like BlackRock and Grayscale Investments to take action.
