Shiba Inu (SHIB) Breaks Wedge Pattern Bulls See Parabolic Surge as RSI Recovers Momentum

• Analyst highlights SHIB’s breakout from a descending wedge, marking potential upward momentum with a $0.000081 target.
• SHIB’s support sits between $0.000007 and $0.000010, while resistance near $0.000022 could test bullish momentum.
• Indicators like RSI and MACD suggest possible bullish reversal, with volume reflecting renewed interest in SHIB’s trend.

According to analyst JavonTM1, Shiba Inu ($SHIB) has successfully broken out of a descending wedge pattern, pointing toward a bullish outlook on the daily trend. He notes a target of $0.000081, suggesting that the recent breakout may be in the early stages of a new upward momentum. 

Early Accumulation and Key Resistance Levels

Throughout early 2023, SHIB displayed low volatility, with accumulation patterns suggesting potential investor interest at lower price points. This phase led to a breakout near November, pushing SHIB into a strong upward trend by late 2023. Following this, the coin encountered a bearish rising wedge in early 2024, resulting in a price correction. 

However, with the recent breakout from a descending wedge, buyers are eyeing a bullish trend reversal. Notably, resistance around $0.000022 serves as a key level, with support between $0.000007 and $0.000010 likely to provide a safety net in case of downturns.

Market Indicators Signal Consolidation

The daily price action reveals a stable trading range with slight upward movement. The analyst’s insights suggest the RSI is recovering near the neutral 50 mark, indicating balanced momentum and buying interest. 

If the RSI rises above 60, it could reinforce buying power. Additionally, the MACD histogram shows diminishing bearishness, potentially hinting at an approaching bullish crossover. The volume has slightly increased, aligning with recent price momentum, although previous lower volume levels signal cautious sentiment among traders.

RSI and MACD Trends Point to Potential Breakout

While the RSI indicates recovery, the MACD remains just below the signal line, showing potential for a bullish reversal. The slight uptick in volume reflects renewed interest in $SHIB, which may push it above the resistance level of $0.000022 if momentum continues. However, analysts caution that failure to hold current levels could lead to retesting the support at $0.00001600.