Shiba Inu (SHIB) Breaks Out of a Falling Wedge With a 3% Gain. Can SHIB Rally to $0.000015?

With a short-term recovery in the crypto market, meme coins are making bullish moves. Shiba Inu, the second-largest meme coin, signals the breakout of a falling wedge pattern.

Shiba Inu broke out of a falling wedge pattern with a 3% gain in the last 24 hours. On-chain data and Fibonacci targets suggest a 20% upside for the meme coin if it surpasses the 200 EMA line and the 23.60% Fibonacci level.

Shiba Inu price showed signs of recovery with four consecutive bullish candles and a quick V-shaped bounce from the $0.00001240 level.

Shiba Inu is breaking out of a falling wedge pattern, indicating a bullish turnaround. At this point, the meme coin is testing the overhead dynamic resistance of the 200 EMA line.

The MACD and signal lines have formed a positive crossover, which reflects a shift in underlying sentiment and could lead to a surge above the dynamic resistance.

Despite this, the 50 and 100 EMA lines have formed a negative crossover, increasing the risk of a potential “death cross” event between the 50 and 200 EMA lines.

Optimistically, a bullish continuation of the breakout rally could limit the risk of such a death cross event.

According to trend-based Fibonacci levels, the falling wedge breakout rally could reach the 23.60% level at $0.00001344 if it breaches the 200 EMA line, currently at $0.00001297.

Generally, the breakout of a falling wedge pattern leads to a price surge toward the previous swing high. Based on the Shiba Inu price trend, the previous swing high is just above the $0.000015 psychological mark.

Therefore, based on the falling wedge breakout and Fibonacci levels, the uptrend could target the 61.80% level at $0.00001531, highlighting an upside potential of nearly 20%.

However, if the market loses momentum, Shiba Inu could retest the $0.0001240 level, and a potential breakdown could bring it back to the $0.00001156 support.

On-Chain Data Signals Extended Recovery in Shiba Inu

According to data from IntoTheBlock, the Shiba Inu price recovery shows strong potential to reach the $0.000015 psychological mark. Based on the In/Out of the Money Around Price indicator, Shiba Inu is currently trading in a zone around $0.000013, which is a key level for price movement.

As the uptrend gains momentum, Shiba Inu faces a supply zone, where approximately 12.11 trillion SHIB is held across 18,320 addresses. In contrast, the current price zone around $0.0013 holds 11.26 trillion SHIB across 16,250 addresses.

Furthermore, the demand zones—areas where SHIB holders are in profit—show a significantly higher volume. This suggests increased buying pressure, which could boost the chances of a continued bullish trend.

As the uptrend continues, the upcoming supply zone in Shiba Inu holds weaker volume, increasing the likelihood of a bullish trend ahead.