Market Insights: Shiba Inu (SHIB) Technical Analysis Reveals Potential Upside Momentum
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**Shiba Inu (SHIB) Price: Technical Breakout Shows Major Rally Soon?**
A recent technical breakout in the price of Shiba Inu (SHIB) has raised concerns about a potential major rally. According to our analysis, this breakout indicates significant upside momentum for SHIB.
As reported by CoinCentral, SHIB has managed to break out of a descending wedge pattern, showcasing its technical strength. This development is particularly noteworthy given the recent security incident involving hackers dumping 150 billion tokens and funneling over 1,050 ETH through TornadoCash.
Despite this setback, the market has surprisingly shown resilience, with daily token burns increasing by over 1,500%. These token burns help strengthen tokenomics by reducing supply. The macro trend has now flipped cautiously bullish.
To confirm the bullish case, SHIB must overcome the $0.0000145 resistance level. Success here would likely push the token toward $0.000018 and possibly to the $0.00003 target by early May.
It’s essential for traders to note that this analysis is based on technical indicators and market sentiment. As a result, it does not guarantee any specific outcome. However, our data suggests that the current setup favors bulls with low-risk entry near current levels and tight invalidation.
In conclusion, SHIB has shown impressive resilience in the face of adversity and now appears poised for a sustained move higher.
Source: https://coincentral.com/shiba-inu-shib-price-technical-breakout-shows-major-rally-soon/
