Author: Content Editor
The Shiba Inu (SHIB) cryptocurrency is currently showing signs of a potential bullish reversal. It is consolidating within a falling wedge pattern, with the 50-day moving average acting as a key resistance point. If the price breaks above this level, it could signal the start of a bullish trend. On the other hand, a breakdown of the support level may lead to further price declines. Analysts are noting the cup-and-handle formation, which is considered a bullish continuation pattern, and project a 12X price rally for SHIB. There has been increased social media activity and a decrease in SHIB's exchange reserves, suggesting growing interest and a reduction in immediate selling pressure, which could lead to a bullish breakout.
