Shiba Inu (SHIB) enjoyed a brief rebound in late September, with the digital currency rising 40% in just a few days. The price has now weakened somewhat and has mainly moved sideways over the past week, with only a slight increase of 0.8%.
However, the Shiba Inu stock price could soon take a positive turn. Well-known crypto analyst Javond Marks shared in a post on
A falling wedge pattern is a chart formation in which the price of an asset forms lower highs and lows within converging trend lines. This formation is often considered bullish because it typically leads to an upward price movement.
Evenaring all-time high
Marks predicts that if the converging lines break, a possible increase of 342% is possible. This could take SHIB’s price to $0.000081, which is close to its all-time high (ATH) of $0.000086.
The falling wedge pattern that Shiba Inu found itself in for five months began in March 2024, when SHIB’s price corrected from a local peak of $0.000045. However, in August 2024, SHIB broke out of this pattern, which is seen by many analysts as an important catalyst for possible further price increases.
Then Uptober?
Now that Shiba Inu appears to be on the verge of a possible new price increase, the question arises whether this will herald the revival of “Uptober”.
October is traditionally known as a strong month for SHIB, but so far there has been no spectacular recovery. Despite the nickname “Uptober,” which refers to the significant increases in previous years, this month has performed disappointingly so far. According to data from analysis platform CryptoRank, SHIB performed 283.4% better on average in October. Now that the falling wedge pattern has been broken, it remains exciting to see whether the memecoin can live up to its strong reputation in October, or whether the month will still be a disappointment.
Source: https://newsbit.nl/shiba-inu-doorbreekt-belangrijk-patroon-komt-er-een-koersstijging-van-342/
