Shiba Inu’s price action has not gone unnoticed as it developed a falling wedge pattern on its chart. Analyst Mihir highlights March 2024 as a potential key level for the cryptocurrency. The combination of technical signals and breakout trends points to a possible rally as SHIB consolidates above critical resistance zones.
SHIB Chart Analysis: Falling Wedge Breakout Sparks Optimism
The SHIB chart displays a well-defined falling wedge pattern between March and mid-August 2024. Falling wedges are known for signaling potential bullish reversals, and SHIB followed suit, breaking out of this structure in late August.
During the wedge formation, SHIB’s price trended downward, reaching its lowest point around mid-August. The market downturn actually triggered a positive shift that signals potential growth. Right now, the price is hovering between 0.00000022 and 0.00000023, which looks like a period of stabilization. This could mean investors are gathering resources before another upward movement. The current price suggests we might be seeing the calm before a potential price increase.
Image Source: X/Mihir Support and Resistance Zones Define the Path Forward
The meme coin’s price movements have established clear support and resistance zones. The base of the wedge, located around 0.00000015-0.00000016, provided firm support during the downtrend. The upper boundary of the wedge and the breakout target near 0.00000043 now serve as key resistance levels.
Volume data also supports the breakout narrative. A noticeable increase in trading volume accompanied the breakout, signaling strong interest. Current consolidation with lower volumes reflects market indecision but hints at potential momentum building.
Read Also: Positive Metrics Align for Ripple (XRP) Bullish Continuation: Expert Predicts Spike to $8
March 2024 Identified as a Target Level
Mihir’s tweet underscores March 2024 as a potential peak for SHIB. This projection may align with broader market cycles or project-specific developments, making it a closely watched timeframe for traders. According to the analyst, maintaining the current breakout zone is essential for SHIB’s price to achieve its long-term targets.
The tweet emphasizes that SHIB is actively “looking for” this level, suggesting that current price movements are pivotal in determining its trajectory. Traders are monitoring consolidation and breakout trends for further confirmation.
SHIB’s falling wedge breakout has positioned the token for potential gains as technical patterns align with bullish sentiment. While the consolidation phase continues, traders are optimistic about the possibility of further upward moves. With March 2024 as a projected milestone, SHIB remains on the radar of crypto enthusiasts seeking breakout opportunities.
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