By Nermeen Nabil Khear 
TLDR
- SHIB price has formed a falling wedge pattern, traditionally a bullish indicator, suggesting potential upward movement
- Current price hovers around $0.00001581, showing a slight recovery of 0.96% in 24 hours
- Strong support established at $0.000015 with key resistance at $0.000018
- Technical indicators, including Bollinger Bands, suggest SHIB has reached a local bottom after a 14% decline
- Price targets of $0.00002913, $0.00003612, and $0.00004401 identified if bullish momentum continues
Shiba Inu (SHIB) is showing early signs of price recovery after establishing stability above a crucial support level. Recent market data indicates that SHIB is trading at $0.00001581, marking a modest upturn of 0.96% over the past 24 hours.
The price movement comes after a period of declining values, during which SHIB experienced a 14% drop since Tuesday. However, the token has maintained its position above the $0.000015 support level, suggesting buyer interest remains active in this range.
SHIB Price
Technical analysis reveals the formation of a falling wedge pattern on the price charts, which typically precedes upward price movement. This pattern has caught the attention of market observers who note that similar formations in the past have led to price increases.
The current trading range shows SHIB bouncing between $0.000014 and $0.000018, with the lower end serving as a sturdy support zone. Buyers have demonstrated consistent interest at these levels, preventing further price deterioration.
Market data indicates that SHIB’s recent price action touched the lower Bollinger Band, a technical indicator used to measure market volatility and potential price reversals. This touch point occurred at $0.00001462 on Friday, leading to a subsequent 9% price increase.
The Bollinger Bands analysis becomes particularly relevant when viewed on longer timeframes. On the weekly chart, the previous instance of SHIB touching the lower band resulted in a 28% price increase over the following six days.
Moving Average Convergence Divergence (MACD) readings present a mixed picture. While the MACD line currently sits below the signal line, suggesting some remaining bearish pressure, analysts note that sustained buying activity could trigger a bullish crossover.
Trading volumes have remained steady during this consolidation period, indicating that market participants are actively monitoring price levels for potential breakout opportunities. The $0.000018 resistance level has emerged as a key barrier that needs to be cleared for further upward movement.
Should buying pressure increase and push SHIB above current resistance levels, several price targets have been identified. These include $0.00002913, $0.00003612, and $0.00004401, representing various levels where previous price action has shown both support and resistance.
The immediate challenge for SHIB lies in overcoming the $0.000018 resistance level. This price point has repeatedly acted as a barrier to upward movement, and its breach could signal stronger bullish sentiment in the market.
Looking at shorter timeframes, the daily chart shows the median Bollinger Band situated at $0.0000178, while the weekly timeframe places it at $0.0000217. These levels represent potential targets for price movement, suggesting possible gains between 13% and 38.9% from current levels.
The support level at $0.000014 remains crucial for maintaining the current price structure. A breach below this level could trigger increased selling pressure and potentially push prices lower, affecting the bullish setup currently in place.
Recent price action has created an accumulation zone near the $0.000015 mark, where buyers have shown consistent interest. This zone has helped establish a floor for prices during the recent market volatility.
Market participants are closely watching the $0.00002000 level, which previously acted as strong support before becoming resistance. Breaking above this psychological barrier could accelerate buying activity and potentially lead to faster price appreciation.
The post Is Shiba Inu (SHIB) Price Ready for a Comeback? Analysis Says Yes appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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