Crypto trader SHIB KNIGHT is eyeing a classic falling wedge pattern in Shiba Inu's (SHIB) price action, which could herald a 26% surge for the token, if the breakout occurs.
The trader shared the analysis on X (formerly Twitter), showcasing the Shiba Inu price chart against Tether (USDT), highlighting the technical formation.
The pattern, as seen in the chart below, shows the asset's price bouncing between two downward-sloping trend lines that are gradually converging. A decisive move above the upper trend line – a "breakout" – might signal that the preceding downtrend is reversing, potentially leading to higher prices.
According to this interpretation, the crypto trader projected a price target around $0.000017 if the breakout occurs. At the time the analysis was shared, the Shiba Inu price was hovering near the potential breakout point at around $0.00001335.
Reaching the $0.000017 target would represent approximately a 26% gain from the current price level.
The analyst's chart also marked key price levels to watch. Potential support levels, where buying might emerge to slow or stop a price decline, were indicated near $0.00001320 and $0.00001279. Conversely, possible resistance levels on the way up, where selling pressure could intensify, were noted around $0.00001494 and $0.00001574, below the main $0.000017 target.
Shiba Inu has been trading in a limited range in recent days, with the price staying above the lower support at $0.00001279 and failing to break through the upper resistance at $0.00001494. This pattern could be seen as a continuation of the broader sideways trend that has been playing out since May.
As of the last update, the Shiba Inu price is showing a slight increase of 0.3% over the past 24 hours, trading at around $0.00001331. The token's 24-hour trading volume has also decreased by over 7%, and its market capitalization remains at approximately $8,004,916,900.
.
