The post Can Shiba Inu (SHIB) Make It Across the “Wedge?” appeared on BitcoinEthereumNews.com.

Shiba Inu (SHIB) is showing signs of breaking out of a falling wedge pattern. The leading meme coin has been trading within this pattern since March and is now attempting to break above it. At press time, SHIB is trading at $0.000013, reflecting a 24% decline over the past month. Shiba Inu Attempts Rally as Wedge Narrows Since reaching a year-to-date high of $0.000035 on March 5, SHIB’s price has steadily declined, forming a falling wedge. This pattern develops when an asset’s price creates a series of lower highs and lower lows that converge, creating a wedge shape. As the wedge narrows, buying pressure is gradually increasing relative to selling pressure. This is evident in SHIB’s current price, which is nearing the converging point of this pattern. SHIB Price Analysis. Source: TradingView When an asset’s price breaks above this wedge, it signals a potential reversal from a downtrend to an uptrend, indicating that selling pressure is easing while buying interest grows. SHIB’s rising Chaikin Money Flow (CMF) supports this increase in buying pressure. As of now, the indicator sits above the center line at 0.03, further confirming the bullish momentum. Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know SHIB Price Analysis. Source: TradingView This indicator measures how money flows into and out of an asset — a positive CMF signals market growth as it signals liquidity inflow. At 0.03, SHIB’s CMF suggests that buying pressure exceeds selling activity, increasing the likelihood of its price break above the falling wedge.  SHIB Price Prediction: The Bulls Are Working The meme coin is enjoying a bullish bias from market participants, as indicated by its Parabolic Stop and Reverse (SAR) setup. Currently, the SAR dots are positioned below SHIB’s price. The Parabolic SAR indicator tracks an asset’s price direction…

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Filed under: News - @ August 21, 2024 12:25 pm