The post Shiba Inu can soar 100% soon, but on THIS condition appeared on BitcoinEthereumNews.com.

SHIB could soar 100% to the $0.0000324 level or even higher if it closes a weekly candle above the $0.0000155 level. SHIB’s Open Interest in the last 24 hours has increased by 11%, indicating higher interest from investors. Since the beginning of August 2024, the overall cryptocurrency market has experienced a downturn, primarily driven by continuous price drops across various cryptocurrencies. Amid this decline, Shiba Inu [SHIB], the world’s second-largest memecoin, has formed a bullish price action pattern on a weekly time frame, indicating a potential significant upside rally in the coming days. SHIB’s bullish price action Based on price action and technical analysis, SHIB has formed a bullish falling wedge price action pattern on a weekly time frame. This pattern is also on the verge of a breakout, which could occur soon.  If SHIB breaks out this bullish price action pattern, there is a high chance it could soar 100% to the $0.0000324 level or even higher. However, the breakout alone is not the only factor that makes SHIB bullish, a weekly candle closing above the $0.0000155 level is also crucial. Source: TradingView Besides the falling wedge pattern, at press time, SHIB was at a crucial support level near $0.000012. The last time SHIB broke this level was in February 2024 — not a retest. However, the continuous price drop has now led to a retest, which could support SHIB in the upcoming rally. Also, crypto analyst Javon Marks made a post on X (formerly Twitter) stating that SHIB was bullish and near a breakout level. He also noted that this bullish outlook is confirmed by bullish divergence. The expert predicted that if SHIB gives a breakout of the falling wedge pattern, it could soar to the $0.000081 level. Rise of Open Interest  At press time, SHIB is trading near…

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Filed under: News - @ August 18, 2024 3:06 pm