Amid the ongoing challenges in the cryptocurrency landscape, an analyst has shared a bullish outlook for Shiba Inu (SHIB). In a post on X (previously Twitter), the analyst noted that SHIB is on the verge of breaking out of a massive bullish falling wedge price action pattern on a daily time frame. 

Shiba Inu Near Breakout 

This breakout could potentially lead to a significant rise of nearly 500% in the coming days. He also noted that SHIB’s bullish breakout is being confirmed by a recent bullish divergence, which could indicate an upcoming bullish breakout.

However, SHIB’s last massive rally was seen in February 2024, following the approval of the spot Bitcoin Exchange Traded Fund (ETF) in the United States. Since then, it has been in continuously falling and experienced a price decline of over 70%. Despite this significant price decline 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.

As per the post on X, if SHIB experiences the breakout of this bullish price action pattern in the coming days, there is a high possibility it could hit the $0.000081 level.

SHIB Price Analysis

As of now, SHIB is trading near the $0.00000133 level and has experienced a price surge of over 1% in the last 24 hours. Meanwhile, its trading volume has dropped by 50% during the same period, suggesting lower participation from traders potentially 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 the SHIB to experience a significant upside rally until it closes a weekly candle above the $0.0000183 level.

Whereas, investors’ interest in the last 24 hours is increasing. According to the on-chain analytic firm Coinglass, SHIB’s open interest has increased by 13% which hints at higher interest from investors.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed