Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Shiba Inu aims for $0.000018 amid falling wedge breakout

Shiba Inu aims for $0.000018 amid falling wedge breakout

GrafaGrafa2024/08/22 07:45
By:Isaac Francis

Shiba Inu (CRYPTO:SHIB) is approaching a potential breakout from a falling wedge pattern, indicating a possible bullish trend reversal.

The meme coin has been trading within this formation since March and is now poised to move above it.

Currently, SHIB is trading at $0.000013, reflecting a 24% decline over the past month.

This decline followed a high of $0.000035 on March 5, creating a series of lower highs and lower lows, forming a falling wedge.

As this pattern converges, buying pressure is increasing relative to selling pressure.

The falling wedge pattern suggests that once SHIB breaks above this formation, it may signal a shift from a downtrend to an uptrend.

This would indicate that selling pressure is easing while buying interest grows.

Supporting this potential breakout is SHIB’s rising Chaikin Money Flow (CMF), which is currently above the center line at 0.03.

The CMF measures the liquidity flow into and out of an asset, with a positive reading suggesting increased buying pressure.

Additionally, the bullish sentiment is reinforced by SHIB’s Parabolic Stop and Reverse (SAR) setup.

The SAR dots are positioned below SHIB’s price, indicating that the price has been rising and may continue to do so in the near term.

If the bullish momentum continues and SHIB successfully breaks above the falling wedge, the price could rally to $0.000018.

However, if selling pressure increases, the price might decline to $0.000010.

The outcome will depend on whether the buying pressure can sustain the breakout and lead to further gains.

At press time, Shiba Inu was priced at $0.00001403.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!