- SHIB’s falling wedge pattern signals a bullish setup, with breakout potential targeting 0.000020 based on technical chart measurements and resistance alignment.
- The 100-day EMA around 0.00001457 is acting as support after a retest, showing bullish defense and possible continuation of the upward trend.
- SHIB recently tested resistance near 0.00001750, but buyers are holding the current zone, strengthening the chance for an upside price breakout soon.
Crypto analyst SHIB KNIGHT has identified a traditional falling wedge pattern on SHIB’s chart, predicting a possible bullish reversal. Since the process is tightening, the breakout level is near, and the price target of 0.00002005 is in the spotlight.
Falling Wedge Pattern Points to Upside Reversal
According to the tweet by $SHIB KNIGHT, SHIB is forming a well-defined falling wedge — a bullish structure that often precedes strong upward moves. This pattern is formed by two downward-sloping trend lines converging, showing reduced selling pressure over time.
SHIB is trading around 0.00001509, moving close to the wedge’s upper boundary. A breakout above this line could confirm the reversal. The projected target from the breakout, as noted in the tweet, is 0.00002005 — a price level that aligns with a previous resistance zone and the height of the wedge pattern.
The narrowing structure suggests that SHIB is coiling for a breakout. With bulls watching this zone closely, volume confirmation will be key in validating any upside move.
100-Day EMA Retest Holds as Support
The tweet also comes as SHIB interacts with the 100-day EMA on the daily chart, currently near 0.00001457. After briefly moving above this line, SHIB has pulled back to retest the zone between 0.00001450 and 0.00001460.
Holding this EMA level adds strength to the bullish case. A successful retest here may signal renewed momentum and confirm the validity of the wedge breakout. Traders are closely watching this area as a possible springboard for a move higher.
Rejection Zone at 0.00001750 Remains a Barrier
SHIB recently faced rejection near 0.00001750, where sellers reappeared. Despite this, the overall structure stays intact. The bullish falling wedge, paired with a strong EMA retest, keeps 0.00002005 on the radar as a potential breakout target.
As $SHIB KNIGHT suggests, all eyes are now on the upper wedge line and volume signals that could trigger the next major move.
