Shiba Inu (SHIB): bullish pattern could lead to new rally


The popular memecoin Shiba Inu (SHIB) has recently faced a downward trend. In the last week, the price fell to $0.000008559, marking a 2.37% drop in just one day. Despite this decline, market experts maintain an optimistic stance regarding SHIB's short-term prospects.


SHIB Analysis

Over the last week, the value of SHIB has fluctuated, ranging from US$0.0000085 to US$0.0000097. This period saw a drop of more than 5%, reflecting the volatile nature of memecoin.

The Shiba Inu community, known for its fervent support, remains optimistic about bullish prospects. Analyst SHIB Knight suggests that an increase in activity from large investors could potentially trigger a bullish trend for memecoin in the near term.

SHIB Knight analysis reveals that SHIB is currently exhibiting a falling wedge formation in its weekly pattern. He highlights that many whales are actively buying the token at the crucial support level of $0.00000875. And according to the trader, this region is the famous “golden zone” for memecoin prices.

This aggressive buying behavior stabilizes, preventing a further drop in the SHIB price. Based on these observations, SHIB Knight predicts that the Shiba Inu price could range from $0.00000896 to $0.00001486 in an optimistic scenario.

Technical analysis and future prospects

Recently, SHIB went through a consolidation phase, hovering around the $0.0000087 mark. This period of sideways movement suggests a stalemate between buyers and sellers, with neither side gaining a definitive advantage. SHIB's critical support level is at $0.000008, and a downward break could see the price drop to $0.000007.

On the other hand, a resurgence of bullish momentum could push SHIB towards its next resistance point at $0.000009, with potential highs reaching as high as $0.00001 and even $0.000014 in the near future.

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