Shiba Inu (SHIB) Price Could Break Out Within the Next Few Days
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SHIB is trading in a range between $0.00000980 and $0.00001190.
It is trading inside a descending wedge.
The six-hour RSI is close to turning bullish.
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.
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