Shiba Inu (SHIB) Approaches a Key Breakout Zone, Thanks to the Formation of a Falling Wedge

As Shiba Inu (SHIB) continues to stay above the critical support zone of $0.0000115, the second-largest meme coin paints a bullish picture.

Shiba Inu (SHIB), the second-largest meme coin, is painting a bullish picture as it manages to stay above the critical support zone of $0.0000115.

Key Shiba Inu (SHIB) Support Levels!

$0.115 and $0.001 in focus.

Shiba Inu can feel relieved as it trades above the psychological threshold of $0.001.

Recently, we saw a bearish momentum that sent its price below the key zone of $0.001. However, the sellers failed to capitalize on the move lower.

As a result, SHIB is bouncing back and might be eyeing a bullish reversal pattern.

Shiba Inu Is Approaching A Key Breakout Zone

According to Crypto Sat, “The 1-hour chart for $SHIB is showing a Falling Wedge, a bullish reversal pattern. Bullish Case: A breakout above 1260 could trigger a rally toward 1280 – 1320. SHIB is approaching a key breakout zone. If bulls take charge, we could see a strong upside move.”

A falling wedge is an indication of a bullish reversal pattern because it shows a potential change in the trend from down to up.

It’s also worth noting that as the wedge narrows, we can expect to see a decrease in volume because it shows the absence of strong selling momentum, as bears are throwing in the towel.

Shiba Inu Price Action

At press time, SHIB is changing hands at $0.00128, showing a 24-hour gain of 0.22%.

On the other hand, if we look at the weekly chart, we can see that the token is down by 0.64%.

Shiba Inu's bid to enter the President Donald Trump’s crypto reserve might push the meme coin to hit the $0.01 zone.

Moreover, the Shiba Inu community is ramping up efforts to advocate for a SHIB-focused exchange-traded fund (ETF), urging major asset management firms like BlackRock and Grayscale Investments to take action.