Shiba Inu (SHIB) has logged a 3% deficit in 7 days, but the prolonged consolidation phase might be over. Breaking out of the falling wedge, SHIB now aims for a new short-term price target, according to several analysts believing in Shiba Inu (SHIB) to have found its tail.
Shiba Inuโs Short-Term Price Target Explained
The local bottom of $0.00001235 served as a rebound floor twice this week, while analysts such as CW explained what breaking the falling wedge means for Shiba Inuโs (SHIB) price in the short term. If the canine coin holds above the green area in the chart below, an upward trajectory does not offer much selling pressure up to $0.000034.
However, for Shiba Inu (SHIB) to bust loose and make use of the falling wedge breakout, other key factors to consider are the stagnant trading volume and fearful sentiment in the overall market. The popular Japanese hunting dog-embossed memecoin wasnโt spared of a beating by the crypto bears in monthly terms, dropping 21% of its value in 30 days.
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On top of that, Shiba Inuโs (SHIB) upward trajectory can be negatively affected by the two sell walls preceding the $0.000034 price level, marked as the short-term Shiba Inu (SHIB) price target. The frequent occurrence of these short-selling walls on Shiba Inuโs historical priceline can be attributed to the majority of current SHIB custodians being in the red.
With 741.05K crypto wallet addresses now registering a deficit, the outnumbered profitable Shiba Inu (SHIB) holders have less power to move markets – the balance got to similar levels before the massive bull race in March, 2024. If thatโs a sign of a trend reversal, Shiba Inu (SHIB) investors could expect the price range between $0.000014 and $0.000019 to provide a pillow of support for Shiba Inu, as this SHIB price level consists of staggering 551.18T SHIB tokens, split between 166.K crypto wallet addresses.
On The Flipside
- While the falling wedge is a known bullish structure and often used by traders to mark the finishing lines of a downward trend, it does not work with low trading volumes, characterizing such price movements as bull traps.
Why This Matters
Technical analysis provides an opportunity to spot historical tendencies in price data, enabling crypto traders to make sharper investment decisions.
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