The prospect of a $SHIB-themed play-to-earn game, a rumored listing at Robhinhood and other developments sent Shiba Inu price 30% higher. What’s next for crypto’s favorite meme coin?
The price of SHIBinside an area defined by two contracting trendlines while accompanying a decline in trading volume. That shows that investors have been less concerned about the downtrend.
As a result, falling wedges typically provide an ideal springboard for an upside break once the price closes above the structure's upper trendline. On Thursday, SHIB showed signs of following a similar topside break.Notably, the token briefly closed above the falling wedge's upper trendline, hitting an intraday high of $0.00003290. The upside move raised anticipation that
in the coming sessions, with Fiery Trading analysts noting that an ongoing bullish retracement across the crypto market would further boost the altcoin's upside bias."With the entirety of the crypto market seeing strong bullish moves, it's to be expected that SHIBA will follow. This token is currently trading near the top resistance of the pattern so that a breakout might occur soon. Look for a daily close above the resistance.
Simply put, if the price of SHIB breaks above $0.00003929, a previous level of resistance, traders may end up placing upside bets toward the level that comes at a distance equal to the maximum gap between the upper and lower trendline .As a result, the potential falling wedge breakout could put the price of SHIB en route to $0.00008026, as shown in the chart above.
At the core of SHIB's sharp retracement were a few fundamental catalysts. These include speculation about the token's listing on Robinhood, a zero-commission trading app with over $14 million in average daily volume.— zerohedge
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