SHIB breaks out of a falling wedge, projecting a 342% surge to $0.000081 if the bullish momentum holds.
SHIB's support holds at $0.00000550, with a potential rally to $0.000015 if the bullish momentum continues.
RSI indicates a neutral market, while MACD shows potential for a bullish crossover, pointing to a possible breakout soon.
JavonTM1, a crypto analyst on X, recently highlighted the possibility of Shiba Inu (SHIB) experiencing a price surge. According to his analysis, SHIB has broken out of a falling wedge pattern and a larger resisting trend, suggesting an upward move.Â
The analystâs projection points to a potential price target of $0.000081, an impressive 342% increase from the current level. His projection resembles SHIBâs recent technical movements, which could further support a bullish momentum soon.
https://twitter.com/JavonTM1/status/1844779511864266898
Bullish Patterns and Breakout Expectations
The recent movements in SHIBâs price indicate the formation of a falling wedge, a pattern often seen before a breakout. This pattern formed after a sharp upward price movement in 2022, and the price has been consolidating ever since.Â
The price is expected to break out from the current consolidation, possibly driving the value above $0.000015. If this breakout materializes, the momentum could push SHIB's price upward. The formation of this wedge suggests a positive market sentiment, with the market anticipating a further rally.Â
Critical Price Levels and Support Zones
At press time, SHIB was trading at $0.00001789, above the immediate resistance level of $0.00000850. The next major resistance point is projected at $0.000015, which could be reached if the current momentum holds.Â
On the other hand, strong support is identified at $0.00000550, providing a cushion in the event of a downward move. The support and resistance levels provide clear indicators for the market, signaling potential buying and selling opportunities.
RSI, MACD, and Volume Trends
The Relative Strength Index (RSI) is currently at 59.16, suggesting the market is neutral but leaning toward bullishness. The Moving Average Convergence Divergence (MACD) indicator shows minimal divergence, hinting at a possible bullish crossover soon.Â
Volume trends show moderate activity, although not excessively high, and could increase if the price approaches critical resistance levels. The $0.00002000 level remains a crucial point to watch for further upward movement.
