Shiba Inu All the Way to $0.000081 as it Finally Breaches Crucial Region #shiba⚡

Shiba Inu (SHIB) currently trades at a critical juncture after recently breaching the resisting trendline posing a roadblock to a substantial surge.

This is according to an update from market analyst Javon Marks, who recently analyzed SHIB’s current price momentum. Notably, the update comes up amid an observable rebound within the broader crypto market.

Earlier Shiba Analysis

As reported by The Crypto Basic, in an earlier analysis nearly a week ago, Marks identified a massive falling wedge pattern forming on the daily chart. He highlighted that SHIB was approaching the convergence point of this pattern. For context, this region often leads to potential breakouts.

The pattern formed following Shiba Inu’s drop from the $0.000045 yearly peak in early March, with the price action becoming increasingly compressed as it approached the apex. This compression often indicates that the sellers are losing momentum, setting the stage for a reversal.

SHIB Stages a Breakout

Fast forward to his recent update, Marks confirmed that SHIB had indeed broken out of the falling wedge pattern. Shiba Inu staged a breakout amid an impressive run that began on Monday, Aug. 19. Interestingly, SHIB recorded three consecutive intraday gains from Aug. 19 to 21, spiking 6.52% within this period.

Meanwhile, a massive 8.82% intraday surge on Aug. 23 confirmed the breach above the falling wedge. This breakout is especially significant, as falling wedges typically signals bullish reversal patterns, especially when they occur after a prolonged downtrend.

Meanwhile, Marks’ chart outlines potential price action following the breakout. In the near term, the next significant resistance level appears to be around $0.000032, which could serve as an interim target. Beyond this, if the bullish momentum continues, SHIB could potentially rally towards $0.000081.

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