Shiba Inu Price Prediction: Will $SHIB Price Rally to $0.000008 By October End?

- A renewed sense of bullish sentiment is observed in the crypto market as Bitcoin sustains its recovery above $28,000, positively impacting Shiba Inu's price.

- Shiba Inu recently bounced off the lower trendline of its falling wedge pattern at $0.0000063, resulting in a 5% gain over the past three days and potentially setting the stage for a breakout from its corrective phase.

Bullish Pattern and Potential Rally:

- A bullish breakout from the wedge pattern could trigger a new recovery.

- The intraday trading volume of Shiba Inu is $72.5 million, showing a 29% gain in trading activity.

Potential Breakout:

- Shiba Inu has been adhering to a falling wedge pattern over the last two months, prompting rebounds from both its upper and lower trendlines.

- If buying pressure continues, there could be a 2% gain, attempting to break out from the upper trendline and signaling the end of the correction.

- A daily candle close above the upper trendline could intensify bullish momentum, potentially pushing the price 25% higher to reach the $0.00000876 mark.

Possibility of Further Correction:

- While the short-term outlook is bullish, the overall trend remains bearish.

- The lower trendline has acted as support for the past two months, preventing a more significant correction.

- If selling pressure breaches this support, it could lead to accelerated selling and potentially push the price down to the $0.0000055 level.

Indicators:

- The 50-day Exponential Moving Average (EMA) aligned with the upper trendline of the wedge pattern provides additional resistance against buyers.

- The Relative Strength Index (RSI) shows a daily RSI slope above the 40% mark, indicating sufficient bullish momentum for a significant recovery.

Shiba Inu's price is showing potential for a bullish breakout from its falling wedge pattern, but there remains a bearish trend in the mid-term, and the article highlights key levels and indicators to watch for potential price movements.

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