- SHIB has moved 4.74% higher and is approaching the falling wedge resistance near $0.00001420.
- A breakout above $0.00001420 could send SHIB toward key targets at $0.00001800 and $0.00002300.
- Failure to break resistance may see SHIB return toward support near $0.00001250 on the 3-day chart.
Shiba Inu (SHIB) is trading inside a falling wedge pattern on the 3-day timeframe, signaling possible bullish action if a breakout occurs. The pattern, highlighted in market analysis, has drawn attention from traders watching for confirmation through increased trading volume. SHIB was last recorded at $0.00001348, posting a 4.74% gain in recent sessions.
Price Pattern and Current Position
The chart shows SHIB’s price compressing between two downward-sloping trendlines since early 2024. This formation has been tightening over months, with lower highs and relatively stable lows forming a wedge shape. Falling wedge patterns are often associated with potential upside reversals if broken convincingly.
SHIB’s latest movement reflects a rebound from the wedge’s lower boundary, accompanied by moderate volume activity. Analysts point out that the token is approaching the upper resistance line, making the next sessions crucial. The projected target, if a breakout is confirmed, points toward levels last seen above $0.00002300.
The price has respected the wedge boundaries several times over the past year, reinforcing their technical importance. The upcoming test of the resistance line could determine the next medium-term direction.
Volume and Market Reactions
Volume trends have shown periodic spikes, particularly during attempts to breach resistance zones. The latest price uptick of 4.74% hints at renewed interest, but sustained higher volume is often key for breakouts.
Market participants have noted that successful wedge breakouts can result in rapid upward moves, as compressed price action releases built-up momentum. In SHIB’s case, traders are closely monitoring whether this momentum will translate into a decisive move above resistance.
Community sentiment appears cautiously optimistic, with several traders on social media referencing the chart’s bullish potential. Comments point to the possibility of a strong rally if SHIB clears the wedge and holds above breakout levels.
Key Levels to Watch
The immediate resistance is aligned with the wedge’s upper trendline, intersecting near $0.00001420 on the 3-day chart. If broken, the next technical targets could align with previous swing highs around $0.00001800 and $0.00002300.
On the downside, the wedge’s lower boundary near $0.00001250 serves as key support. A breakdown below this level could delay any bullish scenario and push SHIB toward lower price zones tested earlier in 2024.
The chart also includes a projected green arrow indicating a potential sharp rise post-breakout. While such projections are not guarantees, they reflect expectations based on historical pattern performance.
Traders will be looking for a confirmation candle closing above the wedge, ideally accompanied by rising volume. The 3-day timeframe offers a broader view, filtering out short-term fluctuations and focusing on medium-term market direction.
