Shiba Inu breaks out of a falling wedge with a 3% gain. Can SHIB rally to $0.000015? On-chain data and Fibonacci targets suggest a 20% upside.
With a short-term recovery in the crypto market, meme coins are making bullish moves. Shiba Inu, the second-largest meme coin, signals the breakout of a falling wedge pattern.
Currently, Shiba Inu is trading at a market price of $0.00001277, with a price surge of nearly 3% in the last 24 hours. Will this falling wedge breakout rally push Shiba Inu back to the $0.000015 mark?
Shiba Inu Price Analysis
After a quick V-shaped recovery from the $0.00001240 level, Shiba Inu has formed four consecutive bullish candles. This marks a breakout from a long-standing resistance trendline in a falling wedge pattern.
At this bullish turnaround, the meme coin is now testing the overhead dynamic resistance of the 200 EMA line. This will likely lead to a short-term retest of the recent bullish breakout.
However, the positive crossover in the MACD and signal lines reflects a shift in underlying sentiment. The meme coin will likely surpass the overhead dynamic resistance as the trend reversal gradually gains momentum.
Despite this, the 50 and 100 EMA lines have formed a negative crossover, increasing the risk of a potential “death cross” event between the 50 and 200 EMA lines.
Optimistically, a bullish continuation of the breakout rally could limit the risk of such a death cross event.
SHIB Price Targets
According to trend-based Fibonacci levels, the falling wedge breakout rally could reach the 23.60% level at $0.00001344 if it surpasses the 200 EMA line. Currently, the 200 EMA line stands at $0.00001297.
Generally, the breakout of a falling wedge pattern leads to a price surge toward the previous swing high. Based on the Shiba Inu price trend, the previous swing high is just above the $0.000015 psychological mark.
Therefore, based on the falling wedge breakout and Fibonacci levels, the uptrend could target the 61.80% level at $0.00001531, highlighting an upside potential of nearly 20%.
However, if the market loses momentum, Shiba Inu could retest the $0.00001240 level, and a potential breakdown could bring it back to the $0.00001156 support.
On-Chain Data Signals Extended Recovery in Shiba Inu
According to data from IntoTheBlock, the Shiba Inu price recovery shows strong potential to reach the $0.000015 psychological mark. Based on the In/Out of the Money Around Price indicator, Shiba Inu is currently trading in a zone around $0.000013, which is a key level for price movement.
As the uptrend gains momentum, Shiba Inu faces a supply zone, where approximately 12.11 trillion SHIB is held across 18,320 addresses. In contrast, the current price zone around $0.000013 holds 11.26 trillion SHIB across 16,250 addresses.
Furthermore, the demand zones—areas where SHIB holders are in profit—show a significantly higher volume. This suggests increased buying pressure, which could boost the chances of a continued bullish trend.
As the uptrend continues, the upcoming supply zone in Shiba Inu holds weaker volume, increasing the likelihood of a bullish trend ahead.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
