- SHIB experienced a pullback after hitting $0.0001561 but remains up 5% in the last 24 hours.
- Trading volume surged 200% to $594.83M, indicating potential bullish continuation.
- A confirmed falling wedge breakout suggests SHIB could see further upside after retesting.
- Breaking above the MA 50 may push SHIB toward $0.0000185, $0.0000211, and $0.0000246.
Shiba Inu (SHIB) recently experienced a huge uptick in its value along with the overall market. As of now Bitcoin is facing a pullback after a huge surge, and meme coins are following, including SHIB. SHIB hit its recent high at $0.0001561 but could not sustain upward and fell back, triggered by market volatility.
Currently, SHIB is trading at $0.00001431 and is still up by 5% in the last 24 hours despite this setback. However, its trading volume is heading in the opposite direction and up by 200% with a 24-hour trading volume of $ 594.83M, showing signs of bullish price surge continuation.
Bitcoin is holding above a crucial support level; a BTC bounce is expected, and it will help altcoins to continue their upward movement. Shiba is still in a bullish price trajectory and poised for a further upward move if market sentiment remains bullish.
Shiba Inu Breakout Could Push it Towards $0.0000246
Looking at the technical analysis, this short-term pullback is seen as a step towards the next leg up. Crypto analyst Clifton FX pointed out that the Shiba Inu falling Wedge upside breakout has been confirmed and the retest has been in process in the daily timeframe. After the successful retest, SHIB could be poised for a huge upside move.
In addition, Shiba Inu has crossed above the midline of the descending channel on the daily chart. This breakout signals potential for upward momentum in coming days. If SHIB continues its upward trajectory after retesting and breaking above the ma 50 could push shiba Inu price to hit targets at $0.0000185, $0.0000211, and $0.0000246.
However, the positive market momentum and SHIB’s recent bullish price trajectory highlight that the token is well positioned for an upward move in the coming days. If the market sustains its momentum, it could help SHIB to reach these levels easily.
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