Traded within a falling wedge pattern, Shiba Inu (SHIB) price rallied to $00008469, reaching near key resistance level at $0.00008517.
Shiba Inu (CRYPTO: SHIB) price traded within a falling wedge pattern and rallied to $000469, nearing a key resistance level at $0.00008517.
Traders are watching for a bullish move as the coin tests and breaks above a key resistance zone, seen between the $0.00001280 to $0.00001300 range.
However, failure to hold support levels may lead to further declines.
What Happened: After trading within a falling wedge pattern, Shiba Inu’s price is anticipated to breakout above the abovementioned resistance zone, confirming an upward trend.
Analysts at TradingView point out that a close above the 50-day moving average may indicate bullish momentum.
However, the 200-day exponential moving average (200 EMA) remains another key barrier that SHIB must surpass.
The bullish wedge setup could be invalidated if the price falls below this level. A breakdown may lead to additional losses, pushing SHIB lower.
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