Shiba Inu Eyes Big Move as Falling Wedge Nears Breakout

Source: CryptoNewsNet Original Title: Shiba Inu Eyes Big Move as Falling Wedge Nears Breakout Original Link: Shiba Inu (SHIB) has been a major beneficiary as positive momentum slowly returns to the crypto market. The token has rebounded over 14% this week and 18.4% from its low of $0.00000755 last week, sparking bullish sentiment among enthusiasts.

Glimpse of Future Trend

This could be part of a larger bullish trend. A recent price analysis highlighted a forming wedge on the SHIBUSDC weekly chart, whose completion would catalyze a big move for the meme coin.

The channel traces back to Shiba Inu’s lower low formation around $0.0000129 in September 2024. This marked a crucial support formation for the channel’s lower trendline. Shiba Inu bounced from that level to its December 2024 high of $0.00003343, forming the upper resistance trendline.

Most recently, SHIB retested the lower boundary of the now-tightening wedge with last week’s low. Specifically, amid this drop, it faked a breakdown below the channel, but its recovery this week has put things back on course.

Analysts now expect SHIB to continue this trend toward the upper resistance and finally break out to greater heights.

Long-Term Shiba Inu Pattern Nears Completion

The breakout point from the falling wedge lies around $0.0000110. It is predicted that Shiba Inu would finally break this supply zone, releasing the momentum from multi-month price suppression.

Following the breakout, a pullback to retest the channel’s top would ensue. The chart shows a possible 56.5% break to $0.000014, followed by a retest of the channel’s upper trendline. Notably, a successful breakout and retest would pave the way for a major upside move.

This big move would target an initial 112.5% rally towards $0.0000190. However, a typical falling wedge usually retests the structure’s high. As such, SHIB could retest the December high of $0.00003343, marking a 274% growth from its current market price.

Notably, the $0.00003343 target also aligns with earlier Shiba predictions, with some analysts pinpointing a rally toward $0.000088 as the ultimate move.