Shiba Inu (SHIB) is moving in an upward direction after bouncing from the wedge’s support, which often leads to a strong rally in the days to come. According to CoinMarketCap, as of Friday, April 17, its price has surged by 3.49% over the last 24 hours and 5.77% over the last week.
At the time of writing, SHIB is trading at $0.00000625, with a trading volume of $174.77 million, which has surged by 25.34% over the last 24 hours. However, its market capitalization stands at $3.68 billion, which has also surged by 3.48%.
Source: CoinMarketCap
Also Read: SHIB Price Outlook: Can Price Reach $0.0000085 Breakout Zone?
SHIB Falling Wedge Signals Breakout to $0.000027
Furthermore, the crypto analyst Butterfly highlighted that SHIB is forming a falling wedge pattern on the 3-day timeframe, a structure often linked to potential bullish reversals after extended downtrends.
Price compression between declining trendlines suggests weakening selling pressure, while momentum indicators hint at gradual buyer accumulation, signaling that bearish control may be fading as market consolidation continues.
Source: Butterfly’s X Post
The focus for traders lies in a potential breakout scenario that would send the price up towards the $0.000027 price level. But this is still a hypothesis pending further validation by volume and momentum.
Until then, the token remains confined in a wedge structure with possible continuation and reversal playing out simultaneously.
Momentum Indicators Support Ongoing Trend Reversal
According to TradingView, the current RSI reading is at 61.56, with a rapid increase occurring above its yellow trigger line.
It clearly shows that there is an intense buying force pushing the price upward towards the overbought region. As long as the figure stays below 70, there will be additional resistance for the upward movement of the price.
Source: TradingView
This is clearly reflected through the bullish MACD crossover. The blue MACD line has crossed over the orange signal line, which is further reinforced by the histogram turning green.
This indicates that bearish forces have waned and will provide the necessary impetus for the prevailing price movement to overcome existing resistance zones.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Shiba Inu Hits Huge 44M Users in Massive Japan Expansion
