Shiba Inu (SHIB) is showing early signs of a reversal, with the price action constricting and the onset of buying pressure. Technical analysis suggests that the token is possibly on the verge of completing the accumulation phase and is on the cusp of gaining momentum. Analysts are waiting for a possible breakout.
At press time, Shiba Inu (SHIB) is trading at $0.000008575, with a trading volume of $96.16 million over the last 24 hours. The market capitalization of the SHIB is at $5.04 billion. The SHIB has recorded a rise of 2.07% over the last 24 hours.
Shiba Inu Nears Falling Wedge Breakout
Crypto analyst Butterfly has pointed out that SHIB is close to a breakout of a falling wedge pattern on a three-day chart. A falling wedge pattern is commonly observed before a strong bullish movement.
Butterfly has also observed that market volatility is compressing, which often indicates an end to the long accumulation phase. A larger movement often follows when volatility compresses.
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SHIB Golden Zone Bounce Targets Higher
Adding to the positive sentiment, another analyst, SHIB KNIGHT, stated that: “SHIB has just bounced off the ‘Golden Zone,’ a place where many people see it as a strong buy zone, especially for the bigger holders. This has ensured that the price is maintained above the $0.00000847 support, which is currently a crucial place to hold for the short term.”
Market trends are also positive, and the SHIB is steadying from the correction. In the case of a bullish trend, certain levels will be attained. In the positive market, the levels that will be attained are $0.00000885, $0.00001008, $0.00001085, and ultimately $0.00001210.
Although price action is of utmost concern, there seems to be a potential for an even larger move if this continues getting more momentum. As mentioned before, it is imperative to pay attention to what happens in the coming days with this breakout formation.
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