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Cryptocurrency News Articles
SHIB Eyes 8% Breakout After Forming Falling Wedge Pattern
May 03, 2025 at 12:09 am
Shiba Inu (SHIB) price is showing promise with a falling wedge chart setup and an interesting angle on past return potential versus a critical supply challenge. Let’s examine the technicals, ecosystem updates, and what they suggest.
Shiba Inu Price Forms Falling Wedge Ahead of 8% Breakout Target
On May 2, 2025, the 4-hour chart of SHIB to United States Dollar (USD) on Coinbase formed a falling wedge pattern. This setup usually hints at a bullish continuation, especially after a strong rally.
A falling wedge is a chart setup where the price slides between two downward-sloping trendlines, converging toward a point in the distance. It’s a common continuation pattern that traders use to identify potential breakout levels and measure move targets.
The bullish variant, which is forming now in the wedge’s lower half, occurs when the price slides to lower highs and lower lows inside the wedge, usually with signs of weakness. Afterward, the price attempts to breakout above the upper trendline.
The chart shows that SHIB’s recent price action slid to lower highs and lower lows, forming the wedge’s lower half. The price also moved around the 50-period Exponential Moving Average (EMA), which is currently offering dynamic support to the bulls.
Volume shows steady activity with brief spikes during upside moves, indicating strength in short-term bullish pushes. The Relative Strength Index (RSI), which measures momentum on a scale of 0 to 100, stands at 49.13 and is close to the neutral 50 level—suggesting that the market could shift with a breakout confirmation or further weakness.
If the breakout confirms, the pattern’s standard move target is around 8% above the current level, which aligns with the height of the wedge’s thickest section, measured from the breakout point.
The pattern’s formation and breakout attempt align with recent bullish structure, with the price bouncing from late-April support zones. A move toward the projected target would place SHIB close to the upper resistance from mid-April.
Past Returns Face A Huge Circulating Supply Challenge
If someone had invested $100 on August 2, 2020, that amount would have reached nearly $1.85 million by April 2025, according to a recent analysis. This translates to a return of about 1,857,890%.
However, SHIB’s large circulating supply remains a key barrier to sustained price growth. The token currently has around 589 trillion units in active circulation, which creates constant downward pressure on price.
To counter this, SHIB has introduced burn mechanisms. In 2021, Ethereum co-founder Vitalik Buterin burned 90% of the SHIB tokens he received, permanently removing them from the supply and briefly boosting market value.
Now, the SHIB team is reportedly working on a new system that could burn trillions of SHIB tokens annually. This initiative aims to reduce the token’s oversupply and support more meaningful price increases over time.
SHIB Ecosystem Expands With New Payment Tool And Shibarium Milestone
The SHIB ecosystem continues to grow. On May 2, 2025, the development team announced SHIB Pay, a self-custodial payment solution that enables users to send and receive crypto directly—without relying on intermediaries. This tool aims to increase utility and promote direct blockchain adoption within the SHIB community.
Moreover, Shibarium, SHIB’s layer-2 scaling solution, has achieved a significant milestone. It has now processed over one billion transactions and registered over 200 million wallet addresses, showcasing strong user engagement and participation.
This growth signifies the expanding ecosystem and ongoing efforts to foster real-world utility for SHIB and its community.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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