Amid the ongoing challenges in the cryptocurrency landscape, an analyst has shared a bullish outlook for Shiba Inu (SHIB). In a post on X (formerly Twitter), the analyst noted that SHIB is on the verge of breaking out of a massive bullish descending wedge price action pattern on a daily timeframe.
Shiba Inu almost broke out
This breakout could potentially lead to a significant upside of almost 500% in the coming days. He also noted that SHIB’s bullish breakout is confirmed by a recent bullish divergence, which could indicate an impending bullish breakout.
However, SHIB’s last massive rally took place in February 2024, following the approval of the spot Bitcoin Exchange Traded Fund (ETF) in the United States. Since then, it has been continuously declining, experiencing a price drop of over 70%. Despite this significant price drop over the past four months, SHIB remains the second largest meme coin in the crypto market with a market cap of over $7.85 billion.
According to the post on X, there is a high chance of SHIB reaching the $0.000081 level if SHIB breaks out of this bullish price action pattern in the coming days.
SHIB Price Analysis
Currently, SHIB is trading around the $0.00000133 level and has experienced a price increase of more than 1% in the past 24 hours. Meanwhile, the trading volume has dropped by 50% in the same period, suggesting less participation from traders, possibly due to the ongoing selling pressure.
SHIB Price Prediction
According to expert technical analysis, SHIB is in a downtrend as it is trading below the 200 Exponential Moving Average (EMA) on a daily time frame. However, it will be very difficult for SHIB to experience a significant upward rally until it closes a weekly candle above the $0.0000183 level.
While investor interest is increasing over the past 24 hours. According to on-chain analytics firm Coinglass, SHIB’s open interest has increased by 13%, indicating higher investor interest.
