Bullish Pattern Sets a 12% Rally Ahead

Bullish Pattern Sets a 12% Rally Ahead

Shiba Inu Price Prediction: The overhead supply pressure hints the SHIB price may witness a minor pullback before the next leap

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Shiba Inu Price Prediction: On October 19, the Shiba Inu price rebounded off the lower trendline of a falling wedge pattern at the $0.00000776 level. This reversal signed with a broader market recovery propels the coin by 17.4% to its current trading price of $0.0000076. Moreover, the asset successfully completed the wedge pattern, signaling a possible end to its correction phase.

Also Read: Pepe Coin vs Shiba Inu: Which Meme Coin is Worth Buying?

Is the Current Recovery Rally Sustainable?

  • The SHIB price witnessed aggressive selling pressure around $0.000008
  • The completion of the wedge pattern has set the current recovery to surge 14% rally
  • The intraday trading volume of the Shiba Inu coin is $94.55 Million, showing a 33.7% loss.

Shiba Inu Price PredictionSource- Tradingview

On October 28th, the Shiba Inu price broke through a key resistance level at $0.00000706. While this was expected to bring in more buying pressure for a sustained rally, the asset hit a snag at around the $0.000008 level, likely due to the broader market experiencing increased selling pressure. 

As a result, the SHIB price witnessed a minor pullback yesterday, which retested the breached 0.0000076 level as suitable support. By the press time, the coin price traded at $0.00000778, with an intraday gain. of 1.7%.

If the asset sustains above $0.00000708, it could continue its recovery, aiming for the target set by the wedge pattern. With continued buying support, the traders could see a 12.6% rise to the $0.00000706 mark.

SHIB vs DOGE vs PEPE Performance

PEPE vs SHIB vs DogeSource: Coingape| Shiba Inu Price Vs Dogecoin Vs Pepe Coin Price

In the broader context of meme coins, the last three months have seen sideways trading for Doge, SHIB, and PEPE. However, with the recent market rally, the PEPE coin price seems to have outperformed its counterparts, indicating a stronger recovery potential for this particular asset in the near future. 

  • Moving Average Convergence Divergence: The MACD(Blue) slope moving above the signal(orange) reflects the market recovery is intact.
  • Exponents Moving average: The Shiba Inu price rising above the 100-day EMA offers buyers an additional edge.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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