According to the crypto analyst known as World of Charts, Shiba Inu (SHIB) has been trading within a descending broadening wedge pattern since March. It is currently showing signs of a potential breakout.
The analyst notes that SHIB price is currently testing the upper boundary of this wedge formation after a recent 50% price increase from its lows. A conclusive breakout above this trendline could confirm a bullish reversal and open the doors for further upside.
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Two price targets have been identified if the breakout is sustained. The first targeted a 58.39% increase, which has been fulfiled. The second, more ambitious target anticipates a 125.55% rally to around $0.00004393.
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Downside risks remain if SHIB fails to break out or encounters resistance. It could then consolidate further within the wedge pattern or see a pullback to the lower boundary.
In summary, the analyst believes SHIB’s 50% surge has the potential to be just the beginning of a larger rise, contingent on the cryptocurrency breaking convincingly above the descending wedge resistance to resume its upward trajectory.
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