The cryptocurrency market has entered a period full of uncertainty and volatility. In this environment, meme coins like Shiba Inu (SHIB) continue to be the focus of both speculative investments and community-centered projects. Recently, a promising analysis has come to the fore for SHIB. While evaluating the price movements of SHIB, an analyst stated that the cryptocurrency is about to break out of the wedge formation that shows a major upward trend on the daily time frame. This technical indicator stands out as a notable development in the market.
The wedge formation usually indicates that the price of an asset is compressed and that a strong price movement can be expected after this compression. It is stated that SHIB is currently approaching the peak of this formation and could potentially break out to the upside. If this breakout occurs, analysts predict that SHIB could see a dramatic increase of up to 500%. Such an increase could be supported not only by technical indicators, but also by market psychology and investor behavior. SHIB has a large community and is actively talked about on social media, which could pave the way for such movements to happen quickly.
The analyst also highlighted a recent bullish divergence while evaluating SHIB’s recent price action. This means that technical indicators are giving bullish signals while the asset’s price is falling, and it usually indicates an impending trend reversal. Bullish divergence is considered a promising sign for investors, as receiving a bullish signal in a falling market can often be a sign of a recovery or a new uptrend.
However, SHIB’s last major price movement occurred in February 2024 after the approval of the US spot Bitcoin Exchange Traded Fund (ETF). This approval created great excitement in the markets and led to a sudden increase in the price of SHIB, as it did for many crypto assets. However, this peak did not last long and since February, SHIB has entered a continuous downtrend. Its price has lost over 70%. Although this decline has been disappointing for many investors, SHIB’s market value still remains high. With a market cap of over $7.85 billion, SHIB maintains its title as the second-largest meme coin in the crypto market, which gives it a certain level of resistance.
This significant decline in SHIB may have made investors cautious, but analysts and some members of the crypto community believe that the asset is not out of the game yet. Especially when there is a potential for a major breakout, assets like SHIB can quickly return to their previous highs and even break new records. Of course, while the risks are always high in such projects, the rewards can be just as high.
As of now, SHIB is trading near the $0.00001332 level and has seen a price increase of 0.6% in the last 24 hours. However, its trading volume has dropped by 34% in the same period, indicating reduced trader participation due to ongoing selling pressure. Technical analysis reveals that SHIB is trading below the 200 Exponential Moving Average (EMA) on the daily time frame and is therefore in a bearish trend. For SHIB to experience a significant upside, the weekly candle must close above the $0.0000183 level.
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