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Shiba Inu Price Forecast: Is SHIB Ready for $0.000045?
The SHIB token has been carving an interesting pattern on the weekly chart, trading in a long-term falling wedge formation that signals a potential trend reversal. This trend has defined the price movement of SHIB since its local high of about $0.00004567, which is characterized by a declining resistance line and an equally sloping support line.
Most conspicuous is the fact that the token has bounced back multiple times off a key support level between 0.0000123 and 0.00001094, which has proven to be an effective defensive barrier against subsequent losses. At press time, SHIB is rallying off this support, trading at approximately $0.00001355, roughly 12% above the recent lows.
The timing is strong: as the wedge’s apex approaches and more rumors of a coming altcoin season spread, analysts are awaiting the possibility of a breakout.
Source: cryptotale.org
