DeFi & NFT
By Maheen Hernandez
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Shiba Inu (SHIB) is currently consolidating within a falling wedge pattern, a technical chart formation that often signals a potential bullish reversal.
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The falling wedge is a common pattern that typically signals a reversal in market sentiment.
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However, the 50-day moving average (MA) has acted as a significant resistance point during this consolidation phase.
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In addition to the 50-day MA resistance, Shiba Inu faces another obstacle at the 200-day exponential moving average (200 EMA).
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On the downside, SHIB has support around $0.00001150 to $0.00001160. This range has been tested multiple times in recent weeks, and it has held as a solid level of support.
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In addition to the falling wedge, another bullish technical pattern emerging for SHIB is the cup-and-handle formation.
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If SHIB manages to continue its uptrend, the 1.272 Fibonacci extension at around $0.000183312 suggests a potential 12x increase from the current price levels.
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Social media activity surrounding Shiba Inu has been on the rise recently. SHIB has been consistently ranked among the top cryptocurrencies based on social mentions, reflecting…
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In summary, Shiba Inu is currently in a crucial consolidation phase, forming a falling wedge pattern that signals a potential bullish reversal. Key resistance levels at $0.
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