Technical Chart: Shiba Inu Coin to Seek 20% Increase In The Next Weeks

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Brian Bollinger The Shiba Inu price recovered from the support trendline in a long-coming wedge formation on December 29th. Buyers drove prices 7.6% higher in a week, to $0.00000852. This bullish rally also breaks the overhead resistance trendline, offering a long-entry opportunity for interested traders.advertisementKey points: The wedge pattern breakout sets Shiba Inu price for a 22% rally.
Bullish momentum will be weakened if daily candles close below the falling.
The intraday trading volume for the Shiba Inu Coin is $271 Million. This indicates a 143% loss.
Source: TradingviewAmid the recent downfall in the Shiba Inu coins, the daily technical chart showed a falling wedge pattern. This pattern caused prices to fall within two converging trendlines, and fell to $0.000007869. The SHIB price has been steadily rising since last week, due to the recovery sentiment in the crypto market. Trending StoriesA bullish rally supported by rising volumes indicates that buyers are committed for this growth. The Shiba Inu coins show a 3% intraday rise, which breaks the pattern’s resistance trendline. This bullish breakout is an early indicator of price recovery and provides a long entry opportunity to interested trades. If the breakout continues above the trendline, buyers will drive the price 22% higher, to $0.0000104. The indicator value of 52% indicates a positive sentiment building up for SHIB. The indicator value of 52% indicates a positive sentiment building up for SHIB.advertisementEMAs: Along with $0.0000086 resistance, the 50-day EMA acts as a strong resistance and tries to undermine the potential rally.Resistance levels- $0.00000865 and $0.0000096
Support levels: $0.0000075 & $0.00000664
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