SHIB price breakout rally ready to top $0.000028
2024-09-20

Falling Wedge Pattern: SHIB experienced a 67% price drop from March to September, forming a falling wedge pattern, indicating a possible bullish reversal.

Double-Bottom Formation: Shiba Inu's price has shown a lateral trend, breaking above the overhead trendline, signaling a potential double-bottom reversal pattern.

50-Day EMA Resistance: The recent recovery rally is testing the 50-day EMA as the next significant resistance level for SHIB’s price action.

12% Price Recovery: SHIB has seen a 12% recovery, forming four consecutive bullish candles, indicating renewed buying momentum.

RSI Turning Bullish: Despite the July death cross, the RSI remains bullish and is approaching overbought territory, suggesting strong buying pressure.

Intraday Gain of 2.20%: SHIB is currently trading at $0.00001440 with an intraday gain of 2.20%, continuing its upward trajectory.

200-Day EMA Target: If SHIB surpasses the 50-day EMA, the next target is the 200-day EMA at $0.00001683.

Psychological Resistance at $0.000020: After breaking the 200-day EMA, the $0.000020 mark stands as a crucial psychological resistance level.

Key Resistance at $0.000028: Beyond the psychological resistance, the next key resistance level to watch is $0.000028.

Support at $0.00001297: The crucial support level for SHIB lies at $0.00001297, which has held through the recent downtrend.

Weekly Chart Bearish Pullback: SHIB remains in a pullback phase, trending below the 50W EMA on the weekly chart, indicating short-term bearish sentiment.

Long-Term Potential for 10X Rally: Based on Fibonacci levels, SHIB could reach the 1.618 level at $0.0001050 in the next bull run, offering nearly 10X returns.