- Shiba Inu faces heightened selling pressure, delaying a wedge breakout rally in its price chart.
- Despite bearish challenges, buyers aim to preserve the wedge pattern and fuel positive Shiba Inu price predictions.
- SHIB’s daily chart reveals a descending trendline, with multiple lower high peaks and a sharp intraday reversal.
Meme coins, including Shiba Inu (SHIB), find themselves facing an unusual level of market turbulence as increased selling pressure takes center stage. This unexpected attack has temporarily delayed what many anticipated to be a breakout rally in SHIB’s price chart.
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However, amid the market’s bearish challenges, buyers have managed to maintain composure, preventing a full-blown bearish breakdown that could have disrupted the wedge pattern. The community’s optimism remains fueled by high expectations of an impending breakout, supported by a new positive cycle.
Under the persistent bearish pressure, SHIB’s price action has formed a series of lower high peaks, while the 50-day Exponential Moving Average (EMA) has acted as a dynamic ceiling, limiting bullish growth. The intensity of overhead selling pressure becomes evident with the formation of a descending trendline.
On the daily chart, the descending trendlines, formed by lower lows, complete the falling wedge pattern—a key feature of SHIB’s current landscape. Shiba Inu has witnessed significant activity near the overhead trendline, leading to multiple negative cycles within the wedge.
Nevertheless, buyers have shown their interest at lower price levels, contributing to an increase in demand for this meme coin, especially as the broader market stages a recovery. At the time of writing, SHIB trades at $0.000000674, showcasing a sharp intraday reversal that has resulted in a long tail formation from the support trendline. This reversal has ignited speculation of a potential price jump.
If buyers can regain control of the trend momentum, SHIB’s price may initiate a new bullish cycle within the falling wedge, with a likely target near the resistance level of $0.0000080.
On a positive note, the current upward trend could potentially propel SHIB’s price to $0.000012. Conversely, a price drop below the support line may signify a notable descent for the meme coin, possibly even down to $0.0000060.
In conclusion, while Shiba Inu faces its share of challenges, the overall sentiment remains cautiously optimistic, with the potential for both a breakout and a descent. The crypto community continues to closely monitor SHIB’s journey in anticipation of future developments.
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