Shiba Inu (SHIB) has been experiencing a strong uptrend, with momentum favoring the bulls. The price has been consistently making higher highs since late June, indicating a clear uptrend. However, there are some factors to consider.
Firstly, SHIB appears to have formed a bearish wedge pattern, which could potentially lead to a price break below it once the key resistance level at $0.0000094 is reached. This suggests that caution is necessary, as a break below the wedge could trigger a correction.
Despite occasional pullbacks, buyers have continued to dominate the chart, resulting in sustained buy volume. This is evident in the gradual upward movement of the price week after week. Whenever SHIB breaches a key resistance level, buyers rush in, pushing the price higher in a short period of time and maintaining the bullish bias.
The momentum indicators, MACD and RSI, also support the bullish sentiment, with both showing higher highs. With a strong support level at $0.0000080, SHIB seems to be on track to test the key resistance level.
In terms of bias, the outlook for SHIB is bullish. However, it is important to closely monitor how the bearish wedge pattern will resolve. A break below the wedge could lead to a correction, while a break above it could potentially be extremely bullish for SHIB’s price action.
In conclusion, SHIB is currently in an uptrend, supported by sustained buy volume and bullish momentum indicators. A test of the key resistance level at $0.0000094 seems imminent. However, the presence of a bearish wedge pattern adds some uncertainty to the outlook. Traders and investors should closely monitor price action and be prepared for potential shifts in the market.
Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. Cryptocurrency investments carry inherent risks, and readers should do their own research before making any investment decisions.
