SHIB Price Analysis: Breaking the Wedge, Can SHIB Jump 30%?

The post SHIB Price Analysis: Breaking the Wedge, Can SHIB Jump 30%? appeared first on Coinpedia Fintech News

Following the downtrend motion after the early 2023 gains, the 50-day EMA remained a constant barrier for Shiba Inu’s recovery. With the SHIB price action forming a falling wedge, the meme coin experienced extreme selling pressure.

However, with the increasing Bitcoin dominance and recovery rally, the meme coins regain trend momentum, and Shiba find a bullish highway. Moreover, the breakout rally increases the optimism of th Shiba Inu price predictions. 

Taking a double bottom reversal from the $0.0000067 mark, the SHIB price trend rises higher to exceed the overhead trendline. Giving a bullish breakout to the falling wedge pattern, the uptrend exceeds the 50-day EMA.

The wedge breakout rally accounts for a price jump of 15.66% within the last ten days and sustains above $0.00000750. However, the price jump fails to overcome the supply pressure close to the 200-day EMA and the $0.00000835 resistance.

Currently, the SHIB Price trade at $0.0.0000078 with a sharp intraday loss of 1.01% but form a range candle reflecting a short-term indecisive trend. With the breakout rally facing resistance, the possibility of a sideways trend arrives. 

Technical indicators:

RSI indicator: The daily RSI line bounces from the oversold zone to reach the 70% boundary of the overbought zone.  

Exponential Moving Averages: The sudden price results in a bullish reversal in the 50-day EMA, teasing a golden crossover. However, the declining 200-day exponential average line puts bearish pressure on the recovery rally. 

Will SHIB Price Rise Above The 200-day EMA?

Considering the uptrend sustains momentum, the SHIB price may soon rise above the 200-day EMA. This will increase the golden crossover chances significantly and fuel further recovery. If it jumps above the EMA, the uptrend can reach the $0.000010 mark. 

On the other hand, if the price tumbles below $0.00000750, it could plunge the meme coin to $0.00000695.