Shiba Inu Price Prediction As $SHIB Edge Close to 35% Breakout Rally

Shiba Inu Price Prediction: The second-largest meme coin Shiba inu displays a bullish week and continues to prolong its recovery phase. From the annual low of $0.00000543 the coin price rallied to presently trade $0.000011, giving a YTD growth of 36%. Moreover, the ongoing recovery phase presents a new breakout entry. 

Also Read: Shiba Inu News: Whale Moves 4 Tln SHIB, Shytoshi Kusama Spotlights LEASH Listing

Is SHIB Heading to $0.000015?

• An ascending trendline prevents the SHIB price from major correction.
• A bullish breakout from the wedge pattern would signal a better confirmation of a bull run
•  Shiba Inu is at $214 Million with a 39% loss.

Maintaining an overall uptrend, the Shiba Inu price approaches the overhead resistance of the wedge pattern. The ongoing uptrend creates an ascending trend line which reflects the ongoing short-term recovery phase.

The sharp rise in the trading volume supports the possibility of a bullish breakout. As of now, the SHIB price trades at $0.0000011 and is trying to sustain the trend momentum.

As 2024 approaches, the cryptocurrency market is optimistic about the potential approval of a Bitcoin spot ETF, positively influencing various cryptocurrencies, including Shiba Inu (SHIB). Amidst this bullish sentiment, SHIB’s price has seen a rise for four consecutive days, reflecting increased investor confidence.

Nevertheless, the overall bullish trend is intact, and a possible bounce back from the ascending support trendline by 15.56% to challenge above the overhead trendline. 

The post-breakout rally could lead a 6-8% Jump, with the intent of challenging the resistance at $0.00001187.

Is SHIB Ready For Uptrend?

While the short-term trend displays a bullish journey for the meme coin, the longer picture displays a falling wedge in action. Currently, the bullish week for meme coin accounts for a 15.3% recovery and bolsters the breakout theory. However, the multi-contact resistance trendline will prove a formidable obstacle. An upside breakout from the overhead resistance will be a better signal for trend change, potentially chasing the $0.0000157 mark followed by $0.000018.

• Relative Strength Index: The daily RSI slope above 60% reflects the bullish sentiment is intact.
• Exponential Moving Average: The coin price trading below 100-and-200-day EMA indicates the long-term trend is bearish.