CandleFocus Shiba Inu Price Eyes 65% Rally With This Breakout
2024-12-03
Author: Content Editor
The Shiba Inu (SHIB) price has experienced a drop in volatility as Bitcoin struggles to break the $100k mark. This lack of buyer initiation has led to selling pressure in the altcoin market, particularly in the memecoin sector. As a result, the Shiba Inu price has fallen from its multi-year resistance trendline, indicating the potential for a sharp correction. Despite this, there has been a surge in investor interest, with a significant increase in large transactions and daily transactions for SHIB. Currently trading at $0.000028, SHIB is retesting a recently breached trendline, and if the pennant pattern holds true, the price could potentially bounce and challenge a downsloping resistance trendline at $0.0000315. However, if the overhead trendline resistance remains intact, the Shiba price could face a major correction below $0.00002.
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