NAIROBI (Coinchapter.com) – Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has consolidated within a falling wedge pattern for the past two weeks following a February price surge. However, crypto analyst Jonathan Carta anticipates a potential breakout from this pattern, signaling a possible bullish reversal.
The recent revival of Shibarium, a layer-2 scaling solution, fuels SHIB’s momentum. Daily transactions on the network surged 800% to 83.56K, highlighting growing utility and adoption beyond meme coin status. This suggests broader market influence on SHIB’s future price.
Falling Wedge Pattern Hints at Reversal for Shiba Inu (SHIB)
Certainly, Shiba Inu’s recent performance has captured the attention of market watchers, including analyst Jonathan Carter, who noted its consolidation within a falling wedge pattern after a significant price increase in February. Despite the recent surge, Shiba Inu (SHIB) has been trading within this pattern, suggesting an imminent breakout, according to Carter’s observations.
At the time of writing, the Shiba Inu (SHIB) token is trading at $0.00002715, representing a 5.58% increase over the past 24 hours. The token’s market capitalization stands at an impressive $16 billion, placing it among the top cryptocurrencies by market cap.
Notably, the consolidation phase within this pattern is critical for Shiba Inu. It not only tests the asset’s support levels but also the investors’ conviction in SHIB’s long-term value. A breakout above the wedge’s descending resistance could send the price to $0.0000600.
Moreover, the broader meme cryptocurrency market has witnessed significant activity, with a total market capitalization reaching $55.3 billion, marking a 16.0% increase in the last 24 hours. This uptick in market cap, alongside a 6% surge in trading volumes to $11.9 billion, underscores the vibrant and dynamic nature of the meme coin sector, with Shiba Inu playing a central role.
Above all, Shiba Inu’s current consolidation is pivotal. The falling wedge pattern teases a potential breakout, supported by the excitement around Shibarium and the booming meme coin sector. While nothing is guaranteed, the combination of factors creates a sense of anticipation and possibility for Shiba Inu (SHIB)’s future trajectory.
