Shiba

Bitcoin

Shiba Inu

Rise

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/shib-price-analysis-breaking-the-wedge-can-shib-jump-30/">SHIB Price Analysis: Breaking the Wedge, Can SHIB Jump 30%?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
Following the downtrend motion after the early 2023 gains, the 50-day EMA remained a constant barrier for Shiba Inu’s recovery. With the SHIB price action forming a falling wedge, the meme coin experienced extreme selling pressure.
However, with the increasing Bitcoin dominance and recovery rally, the meme coins regain trend momentum, and Shiba find a bullish highway. Moreover, the breakout rally increases the optimism of th <a href="https://coinpedia.org/price-prediction/shiba-inu-price-prediction/" rel="noopener noreferrer nofollow">Shiba Inu price predictions</a>.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="478" src="https://image.coinpedia.org/wp-content/uploads/2023/10/27132021/SHIBUSDT_2023-10-27_12-38-52-1024x478.png" alt="" class="wp-image-239932" srcset="https://image.coinpedia.org/wp-content/uploads/2023/10/27132021/SHIBUSDT_2023-10-27_12-38-52-1024x478.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/10/27132021/SHIBUSDT_2023-10-27_12-38-52-300x140.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/10/27132021/SHIBUSDT_2023-10-27_12-38-52-768x359.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/10/27132021/SHIBUSDT_2023-10-27_12-38-52-1536x718.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/10/27132021/SHIBUSDT_2023-10-27_12-38-52-150x70.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/10/27132021/SHIBUSDT_2023-10-27_12-38-52.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Taking a double bottom reversal from the $0.0000067 mark, the SHIB price trend rises higher to exceed the overhead trendline. Giving a bullish breakout to the falling wedge pattern, the uptrend exceeds the 50-day EMA.
The wedge breakout rally accounts for a price jump of 15.66% within the last ten days and sustains above $0.00000750. However, the price jump fails to overcome the supply pressure close to the 200-day EMA and the $0.00000835 resistance.
Currently, the SHIB Price trade at $0.0.0000078 with a sharp intraday loss of 1.01% but form a range candle reflecting a short-term indecisive trend. With the breakout rally facing resistance, the possibility of a sideways trend arrives.&nbsp;
Technical indicators:
RSI indicator: The daily RSI line bounces from the oversold zone to reach the 70% boundary of the overbought zone.&nbsp;&nbsp;
Exponential Moving Averages: The sudden price results in a bullish reversal in the 50-day EMA, teasing a golden crossover. However, the declining 200-day exponential average line puts bearish pressure on the recovery rally.&nbsp;
<h2 class="wp-block-heading" id="h-will-shib-price-rise-above-the-200-day-ema">Will SHIB Price Rise Above The 200-day EMA?</h2>
Considering the uptrend sustains momentum, the SHIB price may soon rise above the 200-day EMA. This will increase the golden crossover chances significantly and fuel further recovery. If it jumps above the EMA, the uptrend can reach the $0.000010 mark.&nbsp;
On the other hand, if the price tumbles below $0.00000750, it could plunge the meme coin to $0.00000695.

SHIB Price Analysis: Breaking the Wedge, Can SHIB Jump 30%?

Table of Contents

CoinPedia News

Other articles published on Oct 27, 2023

Cardano Price Prediction As Next Leap May Push Recovery to $0.3

Senators Urge DOJ to Investigate Binance and Tether for supporting Hamas

Alan Wake 2 emerges as a thrilling horror sensation

Seeing a ‘Ton of Signs’, Top Crypto Analyst Predicts a Mini Altcoin Season – Here’s the Timeline

SBF trial day 13: FTX founder claims ignorance in mock testimony

Litecoin’s Chain Activity is Rapidly Increasing: What Does it Mean for LTC?

Join our free newsletter for daily crypto updates!