2022-10-17 11:00 |
Shiba Inu (SHIB) price is attempting to break out from a bullish pattern. While there are no definitive signs whether this will occur, the most likely price prediction suggests a successful breakout will transpire.
The SHIB price has been moving downwards since Aug. 14, when it reached a high of $0.00001800. So far, the movement has led to a low of $0.00000924 on Oct. 14.
Afterward, Shiba Inu bounced and created a long lower wick. This is considered a sign of buying pressure (green icon). In turn, this also created a hammer candlestick.
Despite the bounce, the SHIB price still trades very close to the lower portion of the $0.00000980 and $0.00001190 range. More recently, it was rejected by the upper portion of the range on Sept. 24 (red icon) and resumed its descent toward the bottom of the range.
Due to the creation of the long lower wick, a gradual increase toward the range high would seem to be the most likely scenario.
SHIB/USDT Chart By TradingView Can SHIB Price Break Out From Its Corrective Pattern?The six-hour chart shows that the coin has been trading inside a descending wedge since Aug. 25. Descending wedges are considered bullish patterns, meaning that they lead to breakouts most of the time.
The chart shows that the Oct. 13 bounce validated the support line of the wedge for the fourth time (green icon). Now, the price is close to the resistance line of the wedge, potentially making an attempt at breaking out.
While the RSI does not confirm the breakout yet, it is making its second attempt at moving above 50. If an RSI breakout is combined with a price breakout from the wedge, it would confirm that the correction is complete.
In this case, a SHIB price movement towards the range high of $0.00001190 would be expected.
SHIB/USDT Chart By TradingView The Most Likely Price ScenarioTo conclude, due to trading close to the resistance line of a bullish pattern, a SHIB price breakout is expected. If one occurs, a movement towards the range high of $0.00001190 would be expected.
A six-hour RSI movement above 50 would likely precede the breakout. Therefore, it can be treated as a signal that an upward movement will occur.
If there was a decrease below the range low of $0.00000980, the news would be different, invalidating the bullish scenario. Instead, it would suggest that lower prices are expected.
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