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The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/shib-price-analysis-will-shib-hop-above-the-bear-trap/">SHIB Price Analysis: Will SHIB Hop Above The Bear Trap?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
With the overall facing a bearish hiccup, the Uptober season takes on a small dent with altcoins struggling to gain momentum. However, with last night’s recent recovery, meme coins like SHIB and PEPE entered the Asian trading hours at a bullish price.&nbsp;
Moreover, with recovery gaining momentum, the SHIB price enters a positive to rechallenge the overhead declining trendline. With breakout possibilities over the horizon, the <a href="https://coinpedia.org/price-prediction/shiba-inu-price-prediction/" rel="noopener noreferrer nofollow">Shiba Inu price prediction</a> eyes a price hike in the coming months.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="478" src="https://image.coinpedia.org/wp-content/uploads/2023/10/14143236/SHIBUSDT_2023-10-14_13-29-48-1024x478.png" alt="" class="wp-image-237061" srcset="https://image.coinpedia.org/wp-content/uploads/2023/10/14143236/SHIBUSDT_2023-10-14_13-29-48-1024x478.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/10/14143236/SHIBUSDT_2023-10-14_13-29-48-300x140.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/10/14143236/SHIBUSDT_2023-10-14_13-29-48-768x359.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/10/14143236/SHIBUSDT_2023-10-14_13-29-48-1536x718.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/10/14143236/SHIBUSDT_2023-10-14_13-29-48-150x70.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/10/14143236/SHIBUSDT_2023-10-14_13-29-48.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px">
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The lower high formation in SHIB price due to the constant rejections from the 50-day EMA gives rise to a resistance trendline. Furthermore, a descending support trendline is visible on the daily chart, completing the falling wedge pattern.
Completing the negative cycle within this bearish wedge, the SHIB prices find a cushion at the bottom support baseline. With buyers stepping in as the wider market recovers, Shiba Inu forms a morning star pattern teasing an upcycle.
Currently, the SHIB price trades at $0.000000696 with an intraday growth of 0.58. The morning star fuels the recovery ahead. Despite the ongoing sprout in recovery, the possibility of a bearish comeback is notable with any potential hiccup in the market.&nbsp;
Technical indicators:
RSI indicator: The daily RSI line takes a rounding reversal from the oversold boundary, supporting the recovery possibility.&nbsp;
EMA: The 50-day EMA is on a downward trend and is acting as a barrier to further price increases.
<h2 class="wp-block-heading" id="h-will-shib-price-rise-reach-0-00000851">Will SHIB Price Rise Reach $0.00000851?</h2>
If buyers can maintain the upward momentum, the SHIB price may experience a positive trend within the falling wedge. This positive cycle could soon retest the overhead resistance trendline near $0.00000715.
On the more optimistic side, the positive cycle could lead to a bullish breakout and a price of $0.00000851. On the other hand, a slide below the support trendline could result in a deep correction phase for the meme coin. Potentially, it can lead to a price of $0.0000060.

SHIB Price Analysis: Will SHIB Hop Above The Bear Trap?

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