October 31, 2023
The Shiba Inu price has recently rebounded off the lower trendline of a falling wedge pattern, signaling a possible end to its correction phase. However, the current recovery rally may face some challenges due to overhead supply pressure. This article explores the recent price movements of Shiba Inu and provides insights into its future performance.
On October 19, the Shiba Inu price experienced a rebound at the $0.00000776 level, supported by the lower trendline of a falling wedge pattern. This led to a 17.4% increase in the coin's trading price, reaching $0.0000076. The completion of the wedge pattern suggests a potential end to the correction phase.
Despite the positive price rebound, the Shiba Inu price encountered aggressive selling pressure around $0.000008. This resulted in a minor pullback, with the coin retesting the breached $0.0000076 level as a suitable support. As of now, the coin is trading at $0.00000778, reflecting a 1.7% intraday gain.
If the Shiba Inu price manages to sustain above $0.00000708, it could continue its recovery and aim for the target set by the wedge pattern. Traders may anticipate a 12.6% rise to the $0.00000706 mark with continued buying support.
In the broader context of meme coins, including Dogecoin and Pepe Coin, the Shiba Inu price has experienced sideways trading over the past three months. However, recent market rally indicates that Pepe Coin has outperformed its counterparts, suggesting a stronger recovery potential for this particular asset in the near future.
While the Shiba Inu price has shown signs of recovery, the presence of overhead supply pressure may lead to a minor pullback. Traders should closely monitor the price movements and consider the potential recovery of other meme coins like Pepe Coin. Sustaining above key support levels will be crucial for the Shiba Inu price to continue its upward trajectory.