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Following
SHIB Shiba Inu (SHIB) technically released bearish signals, rising wedges triggered vigilance.
Shiba Inu (SHIB) has recently faced intensified bearish pressure, and technical indicators show that buying momentum is weakening. As of press time, the SHIB reported US$0.00005153, down 4.79% in the past 24 hours. Daily trading volume reached US$82.37 million, and the market value remained at US$3.03 billion.
Rising wedges raise alarm
Technical analysts observed that the SHIB chart formed a rising wedge near the resistance level, a structure that usually signals potential bearish reversals. Cryptocurrency analyst Crypto With Gopal pointed out that current patterns suggest that the buying power of the SHIB is weakening after its recent gains.
The bearish scenario could intensify further if sellers push prices below the lower boundary of the rising wedge. By then, SHIB may experience a deeper decline, especially if the key support level of US$0.0000520 falls. Still, long traders are still closely watching the trend line to try to hold on to this key support area.
If the bulls successfully hold on to this level, a downward trend may be avoided. However, a clear break below may strengthen bearish sentiment and put additional selling pressure on the tokens.
Mini Dictionary: Rising wedge pattern is a technical analysis chart pattern composed of convergent trend lines indicating potential reversals or weakening kinetic energy. If the price falls below the lower boundary, traders will usually regard it as a bearish signal.
Technical indicators suggest weakening kinetic energy
Based on TradingView data, the SHIB daily chart shows that the MACD (Exponential Smooth Moving Average) is in a bullish ranking. The MACD line remains above the signal line after the recent golden cross, while a positive histogram also supports the current bullish trend.
However, the bar chart gradually narrows and begins to suggest that buying momentum is weakening. If this trend continues and seller power strengthens, the downward trend may accelerate.
Meanwhile, the Relative Strength Indicator (RSI) was at 54.15, above the 50-line but below the overbought threshold of 70. The indicator suggests moderate bullish sentiment but does not confirm strong buying pressure. The RSI has retreated from its previous high and its moving average is currently around 57.24.
Overview of key indicators and support levels
Analysts pointed out that the future price direction of Shiba Inu depends largely on whether buyers can hold the downward trend line of the rising wedge. If this support cannot be maintained, bears may push prices to US$0.0000520 or lower.
Further confirmation of trend reversal will depend on trading volume, RSI and MACD's response to out-of-wedge price movements. Market observers said that the level of trading volume, RSI and MACD will be the key to judging whether the current pattern has an effective breakthrough or break.
