The increasing fear, uncertainty, and doubt (FUD) in the cryptocurrency market have been challenged by the price of Shiba Inu (SHIB) in recent days. This surge is attributed to the instant listing of Shiba Inu’s ecosystem token, LEASH, on the decentralized cryptocurrency exchange StealthEX. Amidst this rally, buyers have shown an upward trend from the resistance trend line of the wedge formation, seizing an important opportunity for long-term recovery.
Shiba Inu Price Analysis
The price of Shiba Inu has been rising under the influence of an ascending wedge formation for about two months. In theory, this formation expects the support trend line to be broken and a downward breakout to occur from the converging support and resistance trend lines.
However, in rare scenarios where strong bullish momentum is observed, the price of the asset can make an upward breakout from the resistance trend line. Despite the downward pressure caused by the presence of the formation, this situation is a strong buying signal for the upward movement.
With a nearly 10% increase during the day, SHIB’s price presents a favorable ground for further rise by making a strong breakout from the upper trend line. After the breakout, the leading memecoin‘s price could rise by 18% to reach $0.0000107.
Can SHIB Price Exceed $0.00001?
With the current uncertainty in the market, the price of Shiba Inu may undergo a minor pullback to retest the passed resistance trend line. This pullback can confirm whether the price can move towards higher levels and provide a buying opportunity for buyers. However, a breakout below the resistance trend line during the retest could invalidate this bullish scenario.
Furthermore, the Relative Strength Index (RSI) in SHIB’s daily price chart indicates a continuous recovery as it rises along with the price. The 200-day Exponential Moving Average (EMA) stands as a significant barrier that could offer resistance against the price’s upward movement.
